The bears had their heyday on Wall Street today, as yesterday’s stimulus hopes seemingly disintegrated, forcing investors to face the heightened probability of a less than cheery future for the global economy. An onslaught of lackluster economic data on the homefront and from abroad bombarded the markets, sending U.S. equities into a nosedive. While many had relied on the Fed’s extension of Operation Twist to help stabilize the markets, today investors witnessed just how fragile the road to recovery really is: the Dow Jones Industrial Average plummeted 2%, while the S&P shed 2.2% and Nasdaq tumbled 2.4% [see also Seven Simple & Cheap ETF Model Portfolio]. Today’s biggest headliner was the Federal Reserve Bank of Philadelphia’s survey on Mid-Atlantic manufacturing coming in alarmingly lower than expected, indicating a sharp decline in business conditions. U.S. existing home sales also missed the mark, dropping to 4.55 million in May from the previous recording of 4.62 million. [...] Click here to read the original article on ETFdb.com. Related Posts: Daily ETF Roundup: VXX Springs Higher, EWZ Gives Up Gains Daily ETF Roundup: VXX Jumps On Greek Woes, EWZ Slides With Petrobras Daily ETF Roundup: EWZ Rises With Risk Appetite, VXX Drops On Greek Deal Daily ETF Roundup: EWZ Gains On Real Strength, VXX Falters On Market Win Daily ETF Roundup: VXX Soars On European Uncertainty, EWZ Slumps On Inflation Forecast
The bears had their heyday on Wall Street today, as yesterday’s stimulus hopes seemingly disintegrated, forcing investors to face the heightened probability of a less than cheery future for the global economy. An onslaught of lackluster economic data on the homefront and from abroad bombarded the markets, sending U.S. equities into a nosedive. While many had relied on the Fed’s extension of Operation Twist to help stabilize the markets, today investors witnessed just how fragile the road to recovery really is: the Dow Jones Industrial Average plummeted 2%, while the S&P shed 2.2% and Nasdaq tumbled 2.4% [see also Seven Simple & Cheap ETF Model Portfolio]. Today’s biggest headliner was the Federal Reserve Bank of Philadelphia’s survey on Mid-Atlantic manufacturing coming in alarmingly lower than expected, indicating a sharp decline in business conditions. U.S. existing home sales also missed the mark, dropping to 4.55 million in May from the previous recording of 4.62 million. [...]
Click here to read the original article on ETFdb.com.
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