After yesterday’s beating, this is shaping up to be a bloody week, with the bears coming out of the woodwork, busting up your Dow 10,000 dreams.
This is exactly how September started, and everyone was talking about the curse, but of course that month turned out fine.
All the major indices ended down over 2%, with the NASDAQ losing 3%, and the S&P 500 down 2.6%. The Dow, meanwhile, lost 200, closing at 9509 — suddenly 10,000 looks like a long ways away.
Traders are particularly surprised by the intensity of the selling at the close, which is in contrast to the late-day rallies we’re used to.
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