S & P 500 slides this year for the second time in 'Correction'

PTI/Agencies, New Delhi
24/11/2018   0 Comments

American shares closed on Friday, the benchmark S & P 500 index improved, or in September recently, the highest 10 percent or more decline in all time. Energy companies led the slide of the market because the cost of US crude oil fell to its lowest level in less than a year, the concern among traders shows that the slow global economy can damage oil demand. U.S. Jeff Cravates, Regional Investment Director of Bank Private Wealth Management, said, "The oil is actually falling rapidly, it is moving downwards, and it seems that investors are very concerned that global growth is slowing down."

"You have it, and then you have recent sales in technology and retail sales, and then throw the business at tension and rising rates." Technologies and losses in internet companies and banks increased profits in health care and shares of household goods. Many major retailers declined, as investors monitored Black Friday for a strong holiday shopping season signs. After Thanksgiving holiday, the volume of trade with markets only half days was lighter than usual. The S & P 500 index dropped 17.37 points, or 0.7 percent to 2,632.56 points. The index has now come down to 10.2 percent from the last all-time high set of 20th September. Last time the index was improving, in February.

Dow Jones Industrial Average lost 178.74 points, or 0.7 percent, 24,285.95. Nasdaq overall dropped by 33.27 points, or 0.5 percent to 6,938.98. Russell 2000 index of small company shares moved up 0.40 points, or 0.03 percent, to 1,488.68.


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