Wall St. Drops For Second Straight Day; Small Caps Fall Anew
Shiena Iane Bernardino | | May 16, 2014 06:41 PM EDT |
(Photo : warrensulmasy.com) US stocks fell for the second consecutive day.
US stocks dropped Thursday, paving the way for the S&P and the Dow to record their worst declines in over a month, as the shares of the small-cap prolonged their retreat as well as the final results from Wal-Mart disappointed.
The stocks of small-caps missed 0.7 percent of its Russell 2000 index .TOY, well below the session low just where it reached its correction territory, less than 10 percent from the recorded close gathered in early March which is 1,208.65. It reached below 9.3 percent after that high.
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Thursday recorded the losses incurred by the three main US stock indexes for the second consecutive day. Volume raised on the e-mini futures of S&P 500, highlighting some beliefs that the selling may still be on-going. The e-mini futures volume was recorded higher than last year's daily average of 1.5 million with 2.2 million.
Uri Landesman, president of New York's Platinum Partners, said that the stocks are beginning to outline a form of a maximum limit.
Landesman also added that the small caps had been selling well, and believes that the market will continue to see a regular change out of what was traditionally considered as a risk.
The shares of Wal-Mart Stores Inc dropped 2.4 percent to $76.83, affecting both the S&P 500 and the Dow. The retailer predicted a lower second-quarter profit compared to the estimates of market analysts.
Wal-Mart detailed its smallest growth in its quarterly sales in almost five years as well as a decrease in its first-quarter profits, blaming the extreme winter weather condition for making it difficult for the customers to come into the stores.
The industrial average .DJI of the Dow Jones dropped 167.16 points or 1.01 percent, ending at 16,446.81. On the other hand, the S&P 500 .SPX dropped 17.68 points or 0.94 percent, ending at 1,870.85.
Both recorded their largest daily percentage drops in a little over a month.
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