Defense Sec quits….
Interest rate increase….
The Stock market is taking a beatdown….
Virtually every stripe and color of stocks today slid hard following a rigid stance by the Federal Reserve to continue raising the cost of money, and institutions pounded Wall Street with heavy sell orders. The Dow Jones industrial average, at one point falling nearly 700 points, stretched its weekly loss to more than 1,400 points.
At around 3 p.m. ET, the Dow shaved its daily loss to around 1.8%.
The Nasdaq composite performed worse, at one point sinking nearly 2.9% before cutting that loss to around 1.3% with less than an hour to go on Wall Street’s regular session. At its session low of 6484, the tech-heavy index fell more than 20% below an all-time high of 8133.30.
This marked the first time that the leading index for U.S. growth equities hit a “bear market” correction for the first time since 2011.
Over the course of an eight-month roller coaster ride from July 2015 to February 2016, the Nasdaq composite had fallen 19.5% (from a 5231 peak to a 4209 valley) before resuming its mega-trend bull run….
The final drop for the day was 465 points…