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Wed Oct 10, 2018, 01:52 PM

More than half of the S&P 500 is already in a correction as sell-off worsens

More than half of the stocks in the S&P 500 were in correction territory or worse on Wednesday, as a sell-off led by technology names deepened a steep drop for the index in October.

At midday, 295 of the S&P's 505 components — or 58 percent of the index — had fallen by 10 percent or more from their 52-week highs. The S&P 500 was last down 1.5 percent at 2,836 amid fears of rising interest rates and the flight from tech stocks.

There were 172 components in correction territory, meaning they have fallen by 10 to 20 percent from their 52-week highs. The stocks in correction included retail names like Tiffany and Michael Kors, financials such as Wells Fargo and Citi, and tech giants Amazon and Google's parent Alphabet.

Meanwhile, another 123 stocks were down 20 percent from their recent peak, sitting in bear market territory. Tech components Intel, Facebook and Twitter were among those names, as were automakers Ford and GM, and also American Airlines and GE.

https://www.cnbc.com/2018/10/10/more-than-half-of-the-sp-500-is-already-in-a-correction.html

If you shut off Iran's oil production and increase energy prices, and you put tariffs on metals that are inputs to industry, and you put tariffs on merchandise to increase costs for retailers, it's sort of expected that the economy will slow down markedly.

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Reply More than half of the S&P 500 is already in a correction as sell-off worsens (Original post)
Troll2 Oct 10 OP
Fiendish Thingy-BC Oct 10 #1
Solesurvivor Oct 10 #2
Troll2 Oct 10 #3
uncledad Oct 10 #4
uncledad Oct 10 #5

Response to Troll2 (Original post)

Wed Oct 10, 2018, 02:28 PM

1. Glad I reallocated to a more conservative position 2 weeks ago nt

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Response to Troll2 (Original post)

Wed Oct 10, 2018, 03:15 PM

2. Sorry but they say the cause is from fears of a rate increase

And turning away from tech stocks

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Response to Solesurvivor (Reply #2)

Wed Oct 10, 2018, 03:21 PM

3. The rate increase is to suppress inflation; the inflation is due to the higher costs I listed

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Response to Solesurvivor (Reply #2)

Wed Oct 10, 2018, 03:54 PM

4. The FED told them the rate hikes were scheduled months ago.

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Response to Troll2 (Original post)

Wed Oct 10, 2018, 03:58 PM

5. Algos set to sell? Who knew ?

I saw the word " derivatives " just this morning.

Said to myself, the last time I saw that word, the poo hit the fan shortly there after.

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