Stocks swoon in afternoon sell-off
Stocks didn't wait until the last hour to begin their sell-off today, instead starting their decline shortly after lunch, leading to a triple-digit decline in the Dow and declines in the other two major indexes.
The Dow closed down 1.4 percent at 10,293.52, a149-point dive. The Dow is still up 1.6 percent for June, but is down 1.3 percent for the year.
The broader S&P 500 closed down 1.6 percent at 1,095.31.
The tech-heavy Nasdaq closed down 1.2 percent at 2,261.80.
Stocks were hurt today by the surprise decline in May existing home sales, released this morning, and more worries about earnings in the energy sector. Some energy shares, however, spiked this afternoon when a federal judge overturned President Obama's six-month moratorium on deep-water drilling.
Monday's brief yuan rally proved to be non-transferable to Tuesday trading.
June 22, 2010; 4:22 PM ET
Categories: Wall Street
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Posted by: dottydo | June 22, 2010 8:18 PM | Report abuse
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