Dow’s Massive Tailspin Hits Four Days as Rate-Cut Euphoria Disappears

dow jones plunge trader reuters

The Dow and broader U.S. stock market extended their slide Friday in what appears to be a classic ‘buy the rumor, sell the fact’ scenario following the Federal Reserve’s planned rate cut earlier this week.All of Wall Street’s major indexes declined sharply on Friday, mirroring a volatile pre-market for Dow futures. The Dow Jones Industrial Average fell 138.92 points, or 0.52%, to 26,444.5, its fourth consecutive drop.The large-cap S&P 500 Index fell for a fifth straight session, losing 0.77% to settle at 2,9230.65. Eight of 11 primary sectors contributed to the selloff, with information technology leading the pack. The $8.2 trillion sector plunged more than 1.7%.Sliding technology shares weighed heavily on the Nasdaq Composite Index, which plunged 1.42% to 7,996.34.The CBOE Volatility Index, commonly known as the VIX, broke 20 for the first time in two-and-a-half months. Wall Street’s preferred measure of investor anxiety jumped 12.5% to 20.11 on a…

Read the original article here