Dow wipes out its 2018 gains by plunging 600 and more points in another day of losses. Another elusive wave crept through the U.S Financial markets due to which Daw Jones industrially dove more than 600 points.
The barometer of blue-chip bounced in the session which was dragged down by a housing report weak enough and a besieged technological sector. Nasdaq a tech-navy took the precipitous losses i.e. 4.4 percent, of the day. According to the bespoke investment group, it is in the correction region now which is 11.4 percent down and high from September 2018. After the beginning of the trading day, the Dow’s drop faced a sharp turnaround post upward momentum.
This happened with a strong report of earnings from Boeing, an aircraft maker. At the end of the day, Dow’s 2018 earnings were wiped out. This is the worst month for the Dow in eight years. “This could be something more serious or just a correction in the bull market”, says Michael Farr, a Washington’s investment manager.
Source: Washington Post
