NEW YORK (AP) -- Investors dumped stocks for a second day Tuesday, prolonging a break from a huge four-week rally as the market girds itself for potentially grim earnings reports.
Major market barometers all fell more than 2 percent, including the Dow Jones industrial average, which lost 186 points. Trading volume was low, which can amplify swings in the market.
The selling hit a wide range of industries, from financials to energy, in an otherwise quiet day during a holiday-shortened week. The markets will be closed for Good Friday.
Analysts attributed the pullback to profit-taking after a huge advance in March that gave the Dow its best four-week performance in more than 75 years.
Dan Cook, senior market analyst at IG Markets in Chicago, said investors are naturally cautious ahead of the parade of company's quarterly results but that the low expectations could benefit stocks.
"We've already set the bar very low for these companies so it is going to be hard for to disappoint to the downside," he said.
Investors are also focused on bank earnings that get under way after the long weekend, and several pessimistic forecasts about potential loan losses have jolted the market in recent days. Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co. all report next week. more...
Tidak ada komentar:
Posting Komentar