In a swift reversal of yesterday's action, major averages in the U.S. headed lower with most closing down around 1 percent. Losses here followed on the heels of losses abroad, where nearly all global equity markets were down with the exception of China and Australia.
Some reasons cited for the decline include a drop in oil prices, a decline in Chinese manufacturing and lower than expected growth in the Eurozone.
Corporate earnings have also been lackluster, with 70% of companies having reported, earnings are on track to fall 7.3% for Q1 (Factset).
The Industrials closed down 140 points with the Transports following suit, down 1.2%. The Nasdaq finished down 1.1% and the S&P 500 dropped 0.9%. Gold shed a couple dollars per ounce. The dollar moved higher as did bond prices.
by Jon S. Strebler
Each time we visit Europe, my wife and I make it a point to spend a week or so in ... Log in or subscribe to continue reading.