A late-day selloff did not inspire confidence. Volume was light and early buying faded, as financials led the market downward. The S&P 500 is down nearly 4 percent since November 5 after rallying nearly 13 percent in September and October.
"I think the market is in a deterioration trend. It's worrisome at this point, considering that we had a selloff yesterday with pretty big volume and poor advance-decline numbers," said Frank Gretz, market analyst and technician at the Shields & Co brokerage in New York.
"The market is certainly vulnerable, and I think it is in fact headed for a correction."
Financials sagged after the Federal Reserve said it will evaluate the ability of 19 large financial institutions to withstand losses in "adverse" economic scenarios.
The announcement accompanied guidance on potential dividend increases, first reported on November 4. Banks rallied sharply that day and were still up 1 percent in the past two weeks before Wednesday's selloff.
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 11,007.88 |
|---|---|
| Trade Time: | 4:03PM EST |
| Change: |  15.62 (0.14%) |
| Prev Close: | 11,023.50 |
|---|---|
| Open: | 11,017.83 |
| Day's Range: | 10,990.81 -11,042.16 |
| 52wk Range: | 9,596.04 -11,505.80 |
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