Stock Market News For Mar 8, 2019
Zacks Investment Research | Mar 07, 2019 09:45PM ET
Benchmarks closed in the red for the fourth straight session after ECB reduced its growth forecast for the eurozone economy. The central bank also announced plans to revive the slowing economy. Meanwhile, President Trump stated that talks with China were advancing. Concerns of an impending global economic slowdown hurt market sentiments.
The Dow Jones Industrial Average (DJI) decreased 0.8%, to close at 25,473.23. The S&P 500 decreased 0.8% to close at 2,771.45. The tech-laden Nasdaq Composite Index closed at 7,421.46, losing 1.1%. The fear-gauge CBOE Volatility Index (VIX) increased 10.3% to close at 17.38. Decliners outnumbered advancers on the NYSE by a 1.96-to-1 ratio. On Nasdaq, a 1.51-to-1 ratio favored declining issues.
How Did the Benchmarks Perform?
The Dow lost 200.2 points to end the session in negative territory. Losses for the 30-stock index were buoyed by a dip in the shares of Walgreens Boots Alliance, Inc. (NASDAQ:WBA) and Caterpillar (NYSE:C) , which declined 2.1% and 1.5%, respectively.
The S&P 500 declined 22.5 points to also end in the red. Of the 11 major sectors of the S&P 500, ten ended in the negative territory, with consumer discretionary and financials leading the decliners. The Consumer Discret Sel Sect SPDR ETF (XLY) and the Financial Select Sector SPDR ETF (NYSE:XLF) lost 1.2% and 1%, respectively.
Shares of Bank of America (NYSE:BAC) , Goldman Sachs (NYSE:GS) , Morgan Stanley (NYSE:MS) and Citigroup (NYSE:C) declined approximately 1% each and weighed on the broader index. Meanwhile, the Nasdaq lost 84.5 points to also end in negative territory. You can see Original post
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