Dow, S&P 500 Slip Below 50-day Moving Averages
The Dow Jones Industrial Average and the S&P 500 early Wednesday traded below their 50-day moving averages--a trend line that market technicians follow to help to determine short-term trends in an asset. The Dow was off 280 points, or 1.3%, at 20,699, in most recent trade, below its 50-day moving average at 20,783.50, according to FactSet data. The S&P 500 index , meanwhile, was trading down 32 points, or 1.4%, at 2,368, below its 50-day moving average of 2,369.50. The move threatens to push the benchmarks to their worst daily drops in about months and comes as the broader market was convulsing lower. The Nasdaq Composite Index is off 112 points, or 1.8%, at 6,057. The downturn for stocks comes amid intensifying concerns about President Donald Trump's ability to implement pro-growth legislation that has helped the market hit repeated records in recent trade. According to a New York Times report late Tuesday, the president in February asked then-Federal Bureau of Investigation Director James Comey to shut down an investigation into the actions of former National Security adviser Mike Flynn a day after Flynn's resignation. The Dow's decline below its short-term moving average is the first time since around April, when both the S&P 500 and Dow entered a downtrend.
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