It was another painful day on Wall Street as Friday’s selling pressure carried over into today’s session. The Industrials were down over 400 points midday, climbing marginally higher towards the close.
The theme of the day was a flight to safety, with money flowing towards Treasuries and gold. Gold rose over $35/ounce, nearing the 1200 mark. The yield on the 10-year Treasury fell to 1.74%, as the slope of yield curve continued to flatten.
Stocks once again followed oil lower, with light crude closing under $30/barrel again. The Industrials ended the day down 1.1%, while the Transports lost 0.3%. The Nasdaq suffered the largest drop of the major averages, down 1.8% The broader S&P 500 was down 1.4% for the day.
Despite the last minute rally, breadth for the day was poor, with declining shares and issues outpacing advancers by about 4 to 1.
Holding Our Breath
By Matthew Kerkhoff
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