Friday, October 12th 2018 – 08:54 UTC Full article In its sixth consecutive day of declines, the S&P closed down 2.1% after shedding 3% in Wednesday’s session Nasdaq during the session fell as much as 10.3% from its Aug. 29 closing record high but ended the day 9.6% below the record
Wall Street indexes continued their slide in Thursday’s volatile session as investors worried about rising interest rates and braced for a trade war hit to corporate earnings a day ahead of the quarterly reporting season kickoff.
In its sixth consecutive day of declines, the S&P closed down 2.1% after shedding 3% in Wednesday’s session. But at its session low the benchmark fell 2.7% to its lowest level since early July.
Nasdaq narrowly avoided confirming a correction. During the session it fell as much as 10.3% from its Aug. 29 closing record high but ended the day 9.6% below the record.
Investors worried that equity markets would have trouble recovering as rising interest rates coincide with uncertainty about how much earnings growth would be hurt by a U.S. trade war with China.
The Dow Jones Industrial Average fell 545.91 points, or 2.13%, to 25,052.83, the S&P 500 lost 57.31 points, or 2.06%, to 2,728.37 and the Nasdaq Composite dropped 92.99 points, or 1.25%, to 7,329.06.
After hitting an intraday high of 28.84, the CBOE Volatility Index, popularly known as the “fear gauge,” ended the day up 2 points at 24.98, its highest close since Feb. 12.
The energy sector, pressured by a drop in oil prices, was the lead decliner, while insurers were some of the biggest losers in the financial sector a day after powerful Hurricane Michael slammed into Florida.
The financial sector fell 2.9%, also hurt by a 2.7% drop in bank stocks a