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Tuesday, November 20, 2018

Stock Market Gains For 2018 Vanish — Dow Industrials Plummet Nearly 500 Points

By: Mark DeCambre and Chris Matthews
Market Watch

U.S. stocks fell sharply Tuesday, extending a pre-Thanksgiving rout that has been fueled mostly by a selling in shares of technology and internet-related companies.

Sharp declines in Target and Lowe’s after disappointing earnings also contributed to the tone.

U.S. financial markets will be closed Thursday for the Thanksgiving Day holiday and see an early close Friday.
How are benchmarks performing?

The Dow Jones Industrial Average DJIA, -2.10% fell 500 points, or 2%, at 24,516, and tumbled by as many as 596 points or 2.3% at the session’s lows.

The S&P 500 index SPX, -1.75% was down 45 points, or 1.7%, at 2,644, while the Nasdaq Composite Index NQZ8, -1.87% was off by 114 points to 6,913, a drop of about 1.6%.

The drop erased year-to-date gains for both the Dow and S&P 500, while the Nasdaq was clinging to a narrow gain for 2018.

Monday’s decline resulted in the S&P 500 and the Dow’s worst start to a Thanksgiving week since 2011, while the Nasdaq registered its worst such start since 2000, according to Dow Jones Market Data.

Read the rest at Market Watch.

CNBC: Tech's 'FAANG' stocks have lost more than $1 trillion and counting from highs amid tech rout

CNBC: The Dow may drop another 2,000 points before the stock market selling is done: CNBC CFO survey

(THL) Earlier in the month I ran a poll on Twitter asking, "Do you think the stock market is overvalued?" and 77% of my followers who responded called it right: