Stocks fell for the second day ahead of tomorrow’s Fed notes and after the International Monetary Fund released their World Economic Outlook report which downgraded the growth outlook for Europe and Japan and warned on the market impact of raising interest rates and geopolitical unrest.
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Crude oil prices resumed their decline following yesterday’s positive bump losing 1.65% to settle down $1.49 at $88.85 per barrel. Gold prices saw one of the few gains on the day rising $5.10 to settle at $1,212.4 per ounce up 0.42%
The major benchmarks all saw significant losses on the day with the Dow Jones Industrial Average (INDEXDJX:DJI) fell 1.6% to close at 16,719.39 down 272.52 points. The broader S&P 500 (INDEXSP:GSPC) shed 29.72 points to close down 1.51% at 1,935.10.
The NASDAQ Composite (NASDAQ:IXIC) was down 1.56% losing 69.6 points to close at 4,385.20 while the NASDAQ 100 was 1.44% lower closing at 3,958.50 down 57.68 points.
The Small cap Russell 2000 fell back into correction territory defined as 10% or more below the all-time closing high hi on March 4, losing 18.34 points or 1.68% to close at 1,976.31. The Fox50 lost 1.39% on the day closing at 1,380.36 down 19.49 points.