There was a major sell-off across the financial markets today.
First the scoreboard:
Dow: 14,599, -265.5 pts, -1.7%
S&P 500: 1,552, -36.4 pts, -2.3%
NASDAQ: 3,216, -78.4 pts, -2.3%
And now the top stories:
- Just before 3:00 PM ET, there were at least two explosions near the finish line of the Boston Marathon. At least 30 are reportedly injured and 3 dead. The story is developing.
- The numbers are piling up to suggest we’re heading for another spring swoon in the markets and the economy.
- Overnight, China dumped a slew of disappointing economic numbers. GDP, retail sales, and fixed asset investment all missed expectations. This is worrisome in that China is the world’s second largest economy and it is a key source of global growth.
- Both U.S. economic reports today also fell short of expectations. The Empire State Manufacturing Survey unexpectedly fell to 3.05 from 9.24 last month. Economists were looking for a reading of 7.0. “Employment indexes climbed, showing a modest increase in both employment levels and hours worked,” noted the New York Fed on a positive note.
- The NAHB housing market index, a measure of homebuilder sentiment, fell to 42 in April. This is down from 44. Economists were looking for an increase to 45. This is troubling because the housing market has been one of the few bright spots in the economy.
- The sell-off in the gold market accelerated today. After falling into a bear market on Friday, the yellow metal fell another 10% today and got as low as $1,348.50 this afternoon.
- Don’t Miss: Here Are 10 Countries Getting Slammed By The Collapse In Gold >