The stock market was having a rough afternoon with the Dow down by as much as 155 points. But it somehow managed to recover most of those losses.
First the scoreboard:
Dow: 15,176, -77.4 pts, -0.5%
S&P 500: 1,631, -9.0 pts, -0.5%
NASDAQ: 3,445, -20.1 pts, -0.5%
And now the top stories:
- Traders were wondering if the Dow would extend its epic streak of closing in the green for 20 straight Tuesdays. It didn’t. Moving along…
- There was much market moving economic data or corporate news today. Stifel Nicolaus’ Dave Lutz said the afternoon market sell-off could be due to a sell-off in Nikkei futures, a spike in credit default swaps, and/or the Russell 2000 falling below its 20 day moving average.
- In his commentary today, stock market guru Ed Yardeni noted that S&P 500 revenue growth was tightly correlated to the manufacturing purchasing managers index (PMI), which we learned yesterday was very disappointing. “May’s M-PMI raises yet another warning flag about the flagging prospects for S&P 500 revenues,” he wrote.
- Don’t Miss: 31 Stocks That Traders Would Love To See Collapse >
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