From Associated Press:
NEW YORK (AP) — Stocks plunged again Thursday, and for the second time in four days the Dow Jones industrial average sank more than 1,000 points.
The two best-known stock market indexes, the Dow and the Standard & Poor’s 500, have dropped 10 percent from their all-time highs, set Jan. 26. That means they are in what is known on Wall Street as a “correction,” their first in almost two years. Stocks fell further and further as the day wore on and suffered their fifth loss in the last six days. Many of the companies that led the market’s gains over the last year have struggled badly in the last week. Those included technology companies, banks, and retailers and travel companies and homebuilders.
From The New York Times:
After more than nine years of stocks marching higher, a new reality is sinking in among investors: The long, smooth ride is over. And it doesn’t feel good.
Major stock indexes suffered a steep drop in late trading on Thursday, the second straight day that stocks plunged shortly before the markets closed. The 3.75 percent decline pushed the Standard & Poor’s 500-stock index down more than 10 percent from its peak in late January. That means the market is technically in correction territory — a term used to indicate that a downward trend is more severe than simply a few days of bearish trading. “There was a big empty void on the buy side toward the end of the day,” said Jonathan D. Corpina, a senior managing partner at Meridian Equity Partners, a brokerage firm.
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