Stocks sold off again on Thursday, adding to the previous session’s onslaught, as investors dumped equities around the globe because of fears of rapidly rising interest rates.
The financials as well as energy sectors were the biggest laggards on Thursday, falling around 3 percent each. Tech shares like Apple, Alphabet as well as Netflix failed to rebound after posting steep losses. These losses dragged the indexes down, pushing them to their worst two-day decline in eight months.
Check out some of the stats by the aftermath of Thursday’s onslaught:
- The Dow Jones Industrial Average dropped 545.91 points to post its worst two-day decline since early February. In that will time, the Dow has lost more than 1,300 points. The index also posted a three-day losing streak as well as closed below its 0-day moving average for the very first time since July 2. that will can be also down 5.3 percent, on pace for its biggest one-week decline since March.
- The S&P 500 completed a six-day losing streak — its longest since late 2016 — as well as closed below its 0-day moving average for the very first time since April 2. The index can be down 5.5 percent This kind of week, on pace for its biggest weekly decline since March. that will can be also on pace for its first three-week losing streak since June 2016.
- The Nasdaq Composite dropped 1.3 percent to post its fifth loss in six sessions. that will can be also on pace for its worst weekly decline since March. The tech-heavy index also dipped into correction territory.
- The Russell 2000 fell for a sixth straight day, its longest losing streak since March 2017. The modest-caps index can be also down 5.3 percent This kind of week, on pace for its biggest weekly decline since January 2016.
- Gold rallied 2.9 percent to hit $1,230 per ounce, its highest level since Aug. 2.
- Trading volume rose sharply. The volume on the SPDR S&P 500 ETF totaled more than 272 million, well above the 30-day average of 72.8 million. U.S. composite volume clocked in at 8.1 billion shares, above its 50-day average of 5.66 billion shares.
- The Cboe Volatility index (VIX), widely considered to be the best gauge of fear inside the market, hit a high of 28.84, its highest level since Feb. 12.
- Four of the 11 S&P 500 sectors closed in correction territory. Materials concluded Thursday’s session down 16.3 percent by its 52-week high, while financials were down nearly 13 percent. Communications as well as consumer staples are both down more than 11 percent by their one-year highs.