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Dow Drops More Than 600 points For Its Worst Day Since October, S&P 500 Goes Red For the Year

CNBC - U.S. stocks fell sharply on Wednesday amid disappointing earnings, while concern about heightened speculative trading activity deepened.

The Dow Jones Industrial Average lost 633.87 points, or 2.1%, to 30,303.17 for its worst day since Oct. 28. The S&P 500 dropped 2.6% to 3,750.77, slipping from a record high and suffering its biggest drop in three months. Wednesday’s steep losses wiped out the 2021 gains for the S&P 500 and it’s now down 0.1% on the year. The tech-heavy Nasdaq Composite slid 2.6% to 13,270.60.

Boeing fell nearly 4% after its earnings report showed its 2020 net loss hit a record of $11.9 billion amid the 737 Max grounding and the coronavirus pandemic. Shares of AMD tumbled more than 6% even after the chipmaker posted revenue and earnings that beat Wall Street’s already high expectations.

But it was intensifying speculative behavior among retail investors that was causing the most concern. Heavily shorted names, including GameStop and AMC Entertainment, continued to be pushed higher by amateur day traders in online chat rooms. Some investors are worried about mounting losses by hedge funds spilling over to other areas of the market...READ MORE



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