The Dow was down over 600 points – 608 points. That is a percentage decline of 2.41%. Of course there were a lot of stocks that did a lot worse. Earnings today from AT&T – that stock was down just over 8%. I think there were also some worries concerning the slow growth of subscribers at DirecTV, a recent AT&T acquisition.
Also, UPS, came out with disappointing earnings. The stock was down 5.5%. Boeing might be the only stock that was positive, up 1.3% – a beat.
The fact that this was the biggest single day decline in Nasdaq since the 2008 financial crisis means that today’s drop is larger than any point drop that we had during the 2008 financial crisis. You have to go all the way back to the bursting of the dot com bubble.
Something big is happening when you see this kind of drop. The market technically couldn’t be weaker.
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