Major indices close at session lows erasing solid gains in the process
The major US stock indices snatched defeat from the jaws of victory.
The stock market was digesting the second of testimony from Treasury Secretary Yellen and Fed chair Powell. However, a headline that the US had their first confirmed case of the omicorn variant, helped to push stocks into the red, then down -1%, and ultimately to new lows at the close.
At the highs, the Dow, S&P, NASDAQ were each up over 1.5% (with the S&P hitting an intraday high of +1.89%).
At the close, those gains were reversed with each indice closing down -1.18% or more (the NASDAQ closed down -1.83%).
The Dow industrial average had a swing of nearly 1000 points from the high to low.
The final numbers are showing:
- Dow industrial average -461.7 points or -1.34% at 34022.05
- S&P index -53.98 points or -1.18% at 4513.03
- NASDAQ index -283.63 points or -1.83% at 15254.06
- The small-cap Russell 2000 index is closing down -51.48 points or -2.34% at 2147.42. It traded as high as 2253.37. The Russell 2000 has declined over 12.5% from its high reached on November 8
This article was originally published by Forexlive.com. Read the original article here.