NEW YORK (Reuters) – Wall Street indexes continued their decline in volatile trade on Thursday as investors continued to shun risky investments, and the Nasdaq dipped in to correction territory.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 11, 2018. REUTERS/Brendan McDermid
During afternoon trade the S&P was down more than 2 percent after shedding 3 percent in the previous day’s session, then found its footing and cut losses. The Nasdaq fell as much as 10.3 percent from its closing record high, reached on Aug. 29 before likewise bouncing to almost unchanged. If it closes at the worst level seen for the day so far, it would confirm a correction.
DENNIS DICK, PROPRIETARY TRADER, BRIGHT TRADING LLC, LAS VEGAS
“You’ve a few people who were maybe under invested jumping in here. We saw a rally this morning and that ended up being a suckers rally. Then you had buy-the-dippers coming in here saying this was too much too fast.”
“What had us down this morning was fear. Traders from the day before thinking we were going to bounce back but it didn’t work. I think its money managers coming in saying it was too much too fast … we bounced right off the June lows we got near.”
“Technology is leading the way here. Its leading us back. Are we out of the woods here? I don’t think so. You’re going to see a lot of volatility in the next week or so.”
“If we can get any (U.S./China)meetings going that’s going to help the market. It could kick start us.”
KEITH LERNER, CHIEF MARKET STRATEGIST, SUNTRUST ADVISORY SERVICES, ATLANTA:
“When you have a shock day like yesterday, people are caught off guard, there are a lot of adjustments going