Photo: jayhem via flickr
Markets continued their epic slide today, closing near their bottoms. That’s 6-weeks of negative trading on the Dow.First, the scoreboard:
- Dow down 1.42%
- S&P 500 down 1.40%
- NASDAQ down 1.53%
Now, the headlines:
- Overnight, markets sank in Asia over concerns the Chinese economy was slowing down at a greater pace. Trade data showed a weaker than expected surplus. Things also looked bleak in India, where industrial production has slowed, and Korea where the central bank hiked rates overnight.
- In Europe, UK manufacturing output came in weaker than expected. Shares on the FTSE sold off sharply, and the pound fell big against the dollar. In Germany, the Bundesbank raised its outlook for 2010 and 2011 GDP growth. The euro continued its slide against the dollar.
- Prior to the open, hedge fund manager David Tepper told CNBC he didn’t see QE3 coming. His comments sent the dollar higher, the inspiration for today’s selloff.
- Markets opened negative and stayed that way all day. The Fed announced that it wanted to hold annual stress tests, expand them, and have a say in dividend policy. That didn’t help matters for the banks.
- We hit a bottom just moments before the the announcement that capital requirements on banks would be weaker than expected. That lead to a mild rally in bank shares and the overall market.
- Commodities overall were hit by the strong dollar, risk off trade today, with crude oil sliding nearly 3% on China worries too.
- One bright spot today: Lululemon shares were up big after the company reported better than expected earnings and raised guidance.
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