Fear Itself: Dow Sheds 180 Points as ‘Concerns’ Sink Stocks
Stocks got crushed again today–adding to their big losses from last week.
The S&P 500 fell 1.4% to 1,853.44 today, while the Dow Jones Industrial Average declined 177.92 points, or 1.1%, to 16,027.05. The Dow earlier today had fallen by 401 points. The Nasdaq Composite dropped 1.8% to 4,283.75. For the S&P 500, it was the lowest close since April 2014.
Why is the market dropping? It could be the selloff in European banks causing contagion fears. Or you could pick any of the reasons listed in this post. Or maybe its oil, which fell 3.9% to $29.69 a barrel and could be headed for $20 if Barron’s Gene Epstein is right. But can any of them really be blamed for the downdraft? Vikas Gupta, Chief Investment Officer at ArthVeda Capital, doesn’t think so. “There’s frankly nothing new that came out today,” he says. “Once the focus is on negative issues, everything becomes a bigger issue than it really is.”