U.S. stock rally unravels as Dow, S&P 500 end sharply lower
(Worthy News) – In a dramatic reversal to a morning rally, U.S. stocks relinquished all of their opening gains, and then some, to finish with sharp losses. The main indexes began trimming gains in afternoon trade, falling into negative territory ahead of the closing bell as selling accelerated in the final hour.
“We would have preferred stocks open flat and rally into the close. Today’s action is not a good news for those who were expecting a V-shaped recovery,” said Michael Antonelli, equity sales trader at R.W Baird & Co.
“Unlike the pullback last October, this correction has a serious tone to it — there are serious global growth issues that are not going to be resolved any time soon. We expect the correction to last longer,” Antonelli added.
Trading on Wall Street remained volatile, with the CBOE Volatility index VIX, -11.59% otherwise known as the Wall Street’s fear gauge, trading at 36, the highest level since 2011. [ Source ]
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