- Title: Wall Street ends lower as recovery momentum concerns fuel broad sell-off
- Date: 8th July 2021
- Summary: NANTUCKET, MASSACHUSSETS, UNITED STATES (JULY 8, 2021) (REUTERS) (SOUNDBITE) (English) NATIONAL SECURITIES, CHIEF MARKET STRATEGIST, ART HOGAN, SAYING: "Obviously, the simple equation of yields on the 10-year come down, good for tech, bad for financials, has really stretched to both of those trades, right? Technology is throwing off an RSI (Relative Strength Index) of almost 76, with 70 being overbought. Financials on the other side are close to 30, which is oversold. So the relative strength and weakness on both of those trades has really gotten stretched. My guess is that's going to snap back a bit as we head into earnings. And remember, the financials kick off the earnings season next week."
- Embargoed: 22nd July 2021 21:10
- Keywords: COVID-19 Dow Jones Nasdaq S&P 500 Wall Street coronavirus equities index indices markets shares stocks trading vaccine
- Location: NEW YORK, NEW YORK + NANTUCKET, MASSACHUSSETS, UNITED STATES
- City: NEW YORK, NEW YORK + NANTUCKET, MASSACHUSSETS, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets,United States
- Reuters ID: LVA002EKZEWQV
- Aspect Ratio: 16:9
- Story Text: Wall Street closed lower on Thursday (July 8), retreating from record closing highs in a broad sell-off driven by uncertainties surrounding the pace of the U.S. economic recovery.
As the bond market rallied on a flight to safety, all three major U.S. stock indexes turned sharply lower, with economically sensitive transports down the most.
Unofficially, the Dow Jones Industrial Average fell 256.34 points, or 0.74%, to 34,425.45, the S&P 500 lost 36.09 points, or 0.83%, to 4,322.04 and the Nasdaq Composite dropped 101.36 points, or 0.69%, to 14,563.71.
(Production: Hyeongmi Kim, Fred Katayama, Aleksandra Michalska)
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