Is this it? Was today the official end of the 6-week 25% rally that started in early March? Or is today just a particularly painful hiccup?
Whatever it is, the obvious fear in the financial sector is unlike anything we’ve seen since the rally started.
Both Bank of America (BAC) and Citigroup (C) fell around 20%.
Overall, it was the biggest market drop since May 5, The Dow is back below 7,900, while the S&P fell over 4%.
A big deal in Tech, Oracle’s acquisition of Sun Microsystems didn’t get investors excited about tech, as the NASDAQ fell around 3.5%.
So, what do you think? Are we done?