Stocks Fall Sharply in Late-Day Trading; Dow Closes Down 145
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Stocks sold-off sharply heading into the last two hours of trading as investors await details of the financial reform bill which Chris Dodd said would be completed today.
Prior to the start of the sell-off around 2pm ET, the major averages were trading just barely off session highs. Traders must have viewed this as a great entry point to short, as stocks declined in almost a straight line for the next hour.
The Dow Jones closed down 145 points to 10,152, the Nasdaq closed down almost 37 points to 2,217 and the S&P 500 fell 18 points to 1,073.
Looking ahead to tomorrow, The Street gets its last reading on the all-important GDP for the first quarter. Analysts are expecting growth of 3.0%, representing no change from the last reading.
Prior to the start of the sell-off around 2pm ET, the major averages were trading just barely off session highs. Traders must have viewed this as a great entry point to short, as stocks declined in almost a straight line for the next hour.
The Dow Jones closed down 145 points to 10,152, the Nasdaq closed down almost 37 points to 2,217 and the S&P 500 fell 18 points to 1,073.
Looking ahead to tomorrow, The Street gets its last reading on the all-important GDP for the first quarter. Analysts are expecting growth of 3.0%, representing no change from the last reading.
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