Tuesday, March 21, 2017

Dow and S&P post first 1% fall in 5 months as banks tumble, health care reform worries remain

As a stock investor myself, the reasons why stocks fall and rise are very complex and rarely has anything to do with current news events.  However, the market has been very hot lately hitting all time highs as recently as last week.  Today's loses may have more to do with a natural correction of the market as investors take profits off the table.  

 CNBC reports U.S. equities posted their worst day of the year Tuesday as banks faced pressure from falling yields, while investors turned their eyes to a key House vote.

The Dow Jones industrial average fell around 240 points, with Goldman Sachs contributing the lion's share of the losses. The S&P 500 dropped 1.2 percent, with financials falling more than 2.5 percent to lead decliners. The indexes were also posted their first decline of at least 1 percent since October.

"We're settling back into the middle of the range in the 10-year yield. That certainly has taken the air out of financials lately," said Art Hogan, chief market strategist at Wunderlich Securities.

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