Stocks sold off today, with the NASDAQ leading the way.
The major indices opened lower and continued to slide throughout the day.
The DOW’s 179 point drop was the biggest in almost a month.
The Fed was in the spotlight again today. But this time the news wasn’t very positive for stocks.
Traders believe the Fed is ready to cut rates. But speaking in New York, Fed Chair Powell said that the Fed will “closely monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion…but that it’s important not to overreact in the short term to things that happen to be temporary or transient.”
Here’s where the major indices ended the day:
The S&P finished with a 1.0% loss. Down 28 points, the S&P ended at 2,917.
The DOW ended lower by 0.7%. Dropping 179 points, the DOW closed at 26,548.
The NASDAQ was down 1.5%. With a 121 point loss, the NASDAQ finished at 7,885.
Crude Oil (CL) rallied for the 4th straight day straight. With a 1.7% gain, CL ended at $58.82 a barrel.
Health care company AbbVie: ABBV announced that it will acquire Allergan: AGN. ABBV dropped 16.3% and Allergan was higher by 25.4% in the acquisition worth about $63 billion.
In earnings news, Micron: MU is up big in after-hours trading after reporting better than expected Q3 earnings. The stock was up as much as 8.6% after hours.