The Dow closed down -160.83 (-1.28%) at 12,419.86.
Alcoa (AA), Caterpillar (CAT) and Chevron (CVX) were among the hardest hit as investors sold companies in economically-sensitive industries. Bank of America (BAC) was also under pressure, falling 3%. Meanwhile, some investors bought stocks that pay dividends and are considered defensive, such as Intel (INTC). Intel was up +0.15% and the only Dow stock in the winning column. Alcoa (AA) was the big loser, down-3.49%.
Euro markets, down. Asian markets, down. U.S. markets, down. Get the picture? I was starting to think the market was getting ready to turn higher, until today. Things don’t look as well now.
The dollar gained ground against the euro and British pound, but slipped versus the Japanese yen.
Oil for July delivery fell $2.94 to settle at $87.82 a barrel.
Gold futures for June delivery gained $14.70 to end at $1,563.40 an ounce.
The price on the benchmark 10-year U.S. Treasury was up, pushing the yield down to 1.62% from 1.73% late Tuesday.
You know, a bad Jobs report on Friday could seal the deal for this lousy market.