- Stocks fell by the most since late September after the European Central Bank's underwhelming stimulus measures and as some investors worried that the Fed would raise rates while the economy is too weak.
- "The market's a little bit more focused on the Fed moving on rates... Additional rate hikes may be coming and the economy really isn't that strong, but for some reason the Fed thinks it is," Boston Private Wealth chief market strategist Robert Pavlik says.
- The euro responded to the ECB by having its best day of the year, and the Dollar Index plunged 2.3%; Treasury prices retreated steadily, resulting in a 15 bps bounce in the 10-year yield to 2.33%.
- All 10 S&P sectors ended in the red, paced by health care (-2.2%) as biotechs were slammed (-3.6%); energy (-2%) fell sharply despite a 2.9% surge in U.S. crude oil, which settled at $41.09/bbl.
- Today's investor participation was above average, with more than 990M shares changing hands at the NYSE floor.