Markets Extend Slump As Wall Street Returns From July 4th Holiday
Watch Video Stocks fell broadly in afternoon trading on Wall Street Tuesday, extending a slump for the major indexes as investors continue to worry about the state of the economy. The SP 500 fell 1.5% as of 12:01 p.m. Eastern. More than 85% of stocks in the benchmark index fell in the weak opening following a long weekend for the Independence Day holiday. The Dow Jones Industrial Average fell 562 points, or 1.8%, to 30,532 and the Nasdaq fell 0.3%. Small-company stocks also fell. The Russell 2000 shed 1.2%. Energy companies had some of the biggest losses as U.S. oil prices fell 8.1%. Exxon Mobil shed 4%. Banks also fell significantly, along with bond yields. The yield on the 10-year Treasury, which helps set mortgage rates, fell to 2.79% from 2.90% late Friday. JPMorgan Chase fell 2.3%. European markets were also lower. SEE MORE: Why Are Financial Markets So Volatile? Stocks remain in a slump that pulled the SP 500 into a bear market last month, meaning an extended decline of 20% or more from a recent peak.
Markets Extend Slump As Wall Street Returns From July 4th Holiday
Watch Video Stocks fell broadly in afternoon trading on Wall Street Tuesday, extending a slump for the major indexes as investors continue to worry about the state of the economy. The SP 500 fell 1.5% as of 12:01 p.m. Eastern. More than 85% of stocks in the benchmark index fell in the weak opening following a long weekend for the Independence Day holiday. The Dow Jones Industrial Average fell 562 points, or 1.8%, to 30,532 and the Nasdaq fell 0.3%. Small-company stocks also fell. The Russell 2000 shed 1.2%. Energy companies had some of the biggest losses as U.S. oil prices fell 8.1%. Exxon Mobil shed 4%. Banks also fell significantly, along with bond yields. The yield on the 10-year Treasury, which helps set mortgage rates, fell to 2.79% from 2.90% late Friday. JPMorgan Chase fell 2.3%. European markets were also lower. SEE MORE: Why Are Financial Markets So Volatile? Stocks remain in a slump that pulled the SP 500 into a bear market last month, meaning an extended decline of 20% or more from a recent peak.