The Standard & Poor’s 500-stock index lost 17 points, or -1.3%, to $1,315, while the Nasdaq Composite shed 30 points, or -1%, to $2,841.
Leading the major regression today were US companies with significant international exposure. Energy stocks fell as crude oil dropped -3.2%, while Caterpillar (CAT), -2.50%, had the largest drop from the Dow. Stocks in the telecommunications and health care sectors fare relatively better on a day that saw all 10 sectors of the S&P 500 trade lower.
The Stoxx Europe 600 index finished down 1.5% and France’s CAC-40 lost 2.2%. In Spain, the IBEX 35 declined 2.6%, finishing near the day’s lows. The euro, meantime, slumped to $1.2373, its lowest level since the summer of 2010 and down from $1.2503 late Tuesday in New York.
Worries about Europe spilled into the crude-oil market, as prices settled at $87.82 a barrel, its lowest settlement this year. Gold prices rose 0.9%, to $1,563.40 a troy ounce. The yen fell against the dollar.
Thomas Doherty is a student at Villanova University majoring in Finance and Economics. All questions and comments can be sent to Thomas@KeeneOnTheMarket.com
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