Stocks finished lower for the 2nd day in a row today.
Things were a little rough at the open after China's Shanghai Composite suffered a 2.9% loss and hit a 4-year low. The weakness overseas put pressure on U.S. stocks, especially after the volatility and uncertainty that U.S. markets have experienced recently.
Kicking off the day with a loss, stocks continued to slide. But a late morning rally helped lift the major indices, and stocks were trading right around where things opened.
Around 11am ET things changed. The bottom fell out of the market, and stocks dropped for about 90 minutes straight. After making lows around 1:40pm ET, stocks were choppy and traded sideways until the close.
It was the 9th losing day for the S&P out of the last 11 trading sessions.
Here's where the major indices ended the day:
- The S&P finished lower by 1.4%. Down 40 points, the S&P ended at 2,769.
- The DOW ended with a 1.3% loss. Dropping 327 points, the DOW closed at 25,379.
- The NASDAQ was down 2.1%. With a 158 point loss, the NASDAQ finished at 7,485.
- Bitcoin finished 0.5% lower. Down $35, Bitcoin ended at $6,390.
Crude Oil (CL) was lower for the 2nd day in a row. Down 1.3%, CL finished at $68.77.
In earnings news, Travelers (TRV) was down 1.0% in spite of better than expected earnings. But things looked good for Philip Morris (PM) after an earnings beat and 3.5% gain.
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