|08-15-2019, 05:07 AM||#1|
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Dow Drops 800 Points, Bank Stocks Worst Performers (Again), German Economy Weaker
Dow Drops 800 Points in Worst Sell-Off of the Year
14 Aug 2019
Stocks dropped sharply Wednesday after the bond market sent a recession signal and the German and Chinese economy reported weaker than expected economic data. The Dow Jones Industrial Average dropped by 801 points by midday, falling 3 percent. It was the worst day for the major indexes since December 2018. Some investors said the announcement created further uncertainty about the path of policy, discouraging investment in riskier assets.
The German economy contracted in the second quarter, according to data released Monday. That raises the possibility that European economies could fall into recession. China’s industrial production rose by just 4.8 percent in July, lowering than expectations of 5.9 percent growth and much lower than June’s 6.3 percent. The yield on the 10-year Treasury note fell below the 2-year rate. When that has happened in the past, it has typically been followed by a recession in the U.S. sometime over the following two-years.
Shares of Macy’s dived more than 13 percent on Wednesday after the company reported worse than expected quarterly results and lowered its outlook for future quarters. All 11 sectors of the S&P 500 were down Wednesday but bank stocks were some of the worst performers. Shares of Citigroup sank by 5.3 percent. Shares of Bank of America were down by 4.7 percent. Shares of J.P. Morgan Chase fell by 4.1 percent. Wells Fargo shares were down by 4.3 percent. Read more ...
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