How Did the Stock Market Do Today?
Dow Jones:Â 15,660.18; -254.56;Â -1.60%
S&P 500: 1,829.08; -22.78;Â -1.23%
Nasdaq:Â 4,266.84; -16.76;Â -0.39%
The Dow Jones Industrial Average today (Thursday) lost more than 254 points thanks to another broad sell-off and concerns about global economic growth. Shares of Boeing Co. (NYSE: BA) fell 6.8% after regulators announced they are looking into the company’s accounting practices. The stock’s downturn accounted for roughly 25% of the Dow Jones’ decline on the day. Meanwhile, shares of Cisco Systems Inc. (Nasdaq: CSCO) surged 9.6% after the company reported stronger than expected quarterly earnings.
The CBOE Volatility Index (VIX) – Wall Street’s fear gauge – was up 6.3%.
On the economic front, U.S. Federal Reserve Chairwoman Janet Yellen testified before the Senate Banking Committee and remained defiant about the central bank’s pledge to “normalize” monetary policy. In a surprise statement, Yellen admitted the Federal Reserve was evaluating the possibility of negative interest rates. As we’ve said before, the Fed’s plan isn’t going to end well for the markets.
