U.S. stocks and commodities slid sharply Wednesday as disappointing data on the services sector and jobs overshadowed enthusiasm on corporate deal-making.
“I don’t think it’s the start of a bear market, but the chances of a near-term correction have risen,” said Nick Raich, director of research at Key Private Bank.
“Earnings season started out very strong, only one in 10 were missing estimates, now it’s nearly one in four. In the last five days, 22% to 23% have missed, and a lot of them blame rising commodity prices,” Raich added
After a 134-point drop, the Dow Jones Industrial Average DJIA -0.66% moderated its decline to end off 83.93 points, or 0.7%, at 12,723.58, with 22 of its 30 components losing ground.
After a 134-point drop, ..... it was predicted well in advance ..
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 12,723.58 |
|---|---|
| Trade Time: | 4:02PM EDT |
| Change: |  83.93 (0.66%) |
| Prev Close: | 12,807.51 |
|---|---|
| Open: | 12,806.29 |
| Day's Range: | 12,673.02 -12,806.68 |
| 52wk Range: | 9,596.04 -12,928.50 |
