Richard’s Thoughts on Secondary Reactions
Today was another one of those days. Asian stocks were down pretty hard, especially Chinese stocks; the Asia Dow lost 2.06% and the Shanghai Composite lost about twice that. Europe's STOXX 600 fell a relatively modest 1.45%, with solid losses across the (red) board on the continent. Non-US exchanges all finished lower – even Canada, which failed to benefit from the US's late surge.
The US market started off higher, but that wasn't going to last. The Dow Industrials shifted from up 300 points to down 350 at midday, then up about 500 points (!) before finally closing at 24,191, up 330 points or 1.38%. Prices on the Dow ranged more than 1000 points from high to low today – a trader's dream! The S&P 500 lost 1.49%, and the NASDAQ dropped 1.44%. Concerns centered on the expectation of greater interest rate hikes due to a strong economy, as well ... Log in or subscribe to continue reading.
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