Dow Sinks Another 464 Points as Fed, Weak Earnings Fan Growth Concerns

In this Dec. 6 2018 specialist Peter Mazza works at his post on the floor of the New York Stock Exchange

The latest round of selling, which on Friday dragged the Nasdaq down almost 3 percent to its lowest closing level since August 2017, comes two days after the Federal Reserve raised interest rates for a fourth time this year, as the US central bank continues to unwind the low interest-rate policy that supported stocks for almost a decade.

After a sharp early gain Friday, the S&P 500 index retreated 50.84 points, or 2.1 percent, to 2,416.58.

Wall Street stocks fell sharply in volatile trading on December 21, with the Nasdaq confirming it is in a bear market, as concerns of slowing economic growth led investors to flee stocks in high-valuation sectors such as technology and communication services.

Dow Dives to Lowest Point in 2018 After Fed Rate Hike
Dow Dives to Lowest Point in 2018 After Fed Rate Hike

Stock indexes are meandering up and down in midday trading as the market steadies following two days of steep drops.

The Russell 2000 is down 24 percent from the peak it reached in late August and it's down 14 percent for the year to date. Markets tend to move, however, on what investors anticipate will happen further out.

After steady gains through the spring and summer, stocks have fallen sharply in the fall as investors worry that global economic growth is cooling off and that the US could be headed for a recession in the next few years. Some economists and traders have singled out a government shutdown as the biggest risk to the economy in 2019.

Dodgers clear room for Bryce Harper, send Puig, Kemp to Reds
Wood gives the Reds another upgrade to their young rotation, which has been their biggest weakness the last two seasons. For the Reds, it's another move toward becoming competitive after four straight 90-loss seasons.

"The bond market has been telling us something for about a year, and that is there's not going to be much inflation and there's not going to be a sustained surge in economic growth", said Wren, of Wells Fargo. Even with the drop since late August, Nasdaq is almost 400 percent above its March 2009 low, with a total return of more than 456 percent. The S&P 500 closed at 2467.42 for a loss of -39.54 points or -1.58%. The VIX Volatility Index was higher at 28.38 for a gain of 2.80 points or 10.95%. The Dow fell to its lowest since October 2017, while the Nasdaq sank to a 15-month low, toying with bear market territory for the second day in a row.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.78 percent. The S&P is down more than eight percent in 2018. Those worries are reinforced by a 30 per cent-plus decline in world oil prices since October.

The stock markets in France, Germany, Britain, Italy, Portugal, Spain, Tokyo and Hong Kong also fell.

Nick Jonas & Priyanka Chopra Had ANOTHER Wedding Reception
The second reception, which is set to take place tomorrow, will be attended by PeeCee's industry colleagues and friends. Before this, the couple had a reception in the capital which had Prime Minister Narendra Modi marking his presence.

Microsoft and Amazon each fell 3.4 percent. Wholesale gasoline lost 4.6 percent to $1.32 a gallon and heating oil slid 3.1 percent to $1.75 a gallon. The tech-heavy Nasdaq composite slipped 27 points, or 0.4 percent, to 6,611. The euro rose to $1.1469 from $1.1368.

AP Economics Writer Josh Boak contributed to this story from Washington.

Appreciation: Penny Marshall left behind a 'Big' legacy
Marshall was known for playing Laverne DeFazio in the 1970s hit " Laverne & Shirley" alongside Cindy Williams . As a director, "She knew what comedy was, knew what great acting was, and she put the focus on the work.

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