Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Wall Street Walloped [TheStreet.com]
Summary: In its worst single-day loss since July 13, the Dow Jones Industrial Average dropped 158.38 points (1.29%) to 12,121.79. Twenty-seven of 30 components fell, including 2.7% declines in Boeing, GM, and Wal-Mart. Precious metals eked out a small gain, while tech stocks were hit hard, losing between 2 and 2.5%. Rebounding oil prices and a big decline in the dollar were blamed for the fall. Many analysts aren't fazed by the sudden drop, saying the market was due for a pullback. Jim Bianco, president of Bianco Research in Chicago, still figures the market is headed higher through year-end, but said stocks were probably due for a short-term drop, considering the S&P 500 hasn't had a decline of 2% from a high since mid-July (it's presently down 1.7% since Wednesday). "This is the longest period without a 2% correction in 20 years -- it just shows you how strong the market has been that we have to think in these terms now."
Related links: Media coverage: WSJ. Commentary: David Fry's Daily Market Outlook • The Disappearing Dollar • Today's Action Indicates Holiday Rally May Have Come (and Gone) Early
Potentially impacted stocks and ETFs: S&P 500 Index (NYSEARCA:SPY) • NASDAQ 100 Trust Shares ETF (QQQQ) • iShares Russell 2000 Index ETF (NYSEARCA:IWM) • iShares Lehman 1-3 Year Treasury Bond ETF (NYSEARCA:SHY) • iShares Lehman 7-10 Yr Treasury Bond ETF (NYSEARCA:IEF) • iShares Lehman 20+ Year Treasury Bond ETF (NYSEARCA:TLT)
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