Excerpts from wtvr.com’s CNN Money article,
Dow drops 327 points as market turbulence deepens
The jittery stock market is once again heading south.
The Dow dropped 327 points, or 1.3%, on Thursday, with selling accelerating after Treasury Secretary Steven Mnuchin backed out of a conference in Saudi Arabia. The index had been down 471 points at one point.
The news adds to rising global uncertainties, including concerns about Italy’s budget and a plunge in China’s stock market.
David Kotok, chief investment of Cumberland Advisers, said he believes Thursday’s market slide was driven more by concerns about Italy and China.
“But Mnuchin doesn’t help things,” said Kotok.
Mnuchin’s announcement points to elevated tensions between the United States and Saudi Arabia over the disappearance of Washington Post journalist Jamal Khashoggi.
While tech stocks fell sharply, defensive areas such as utilities and telecom rose slightly.
“There is a rotation away from the tech and momentum names,” Kotok said. “One has to ask: Has FANG been defanged?”
Read the full article at https://wtvr.com