The Daily Tipple

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Daily Tipple
[Tuesday, December 4, 2018]

Tue, Dec 4th, 2018

It was a volatile day on Wall Street today as markets gave back all of yesterday’s gains and more. Markets plunged on renewed trade tensions with China and investor fears of slowing economic growth here and abroad. It was the first down day in three for the broader market and the most-watched indices were all off more than -3%, closing near session lows. Volume was light. Much technical damage was done however as the S&P 500 and Dow crossed back below their respective 200-day moving averages. The Nasdaq Composite returned to correction territory. And the Russell 2000 remains in correction with a -4.4% drop today alone. By the numbers the S&P 500 lost -90.31 to 2,700.06, the Dow dropped –799.36 to 25,027.07 and the Nasdaq Composite fell -283.09 to 7,158.43. The Russell 2000 gave back -68.21 to 1,480.75. Major sectors were all lower save a small gain in the interest-sensitive Utilities. Financials led to the downside with bank stocks losing the most and dragging markets lower. And for Dow Theorists the Transports suffered a -4.5% decline today. Another concern for investors, bond yields inverted today (near-term bonds offer a higher yield than longer-dated securities), a leading indicator of economic slowdown. The 10-Year Bond Yield dropped to 2.92% VIX volatility jumped more than +26% to 20.74.
Markets are closed tomorrow in observance of a National Day of Mourning for President George H.W. Bush.


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