The Dow Jones Industrial Average early Wednesday traded below its 50-day moving average–a trend line that market technicians follow to help to determine short-term trends in an asset. The Dow was off 241 points, or 1.2%, at 20,737, in most recent trade, below its 50-day moving average at 20,783.50, according to FactSet data. The move threatens to push the blue-chip gauge to its worst daily drop in about eight months and comes as the two other main equity markets are convulsing lower. The S&P 500 index was down 27 points, or 1.1%, at 2,373, while the Nasdaq Composite Index is off 89 points, or 1.5%, at 6,081. The downturn for stocks comes amid intensifying concerns about President Donald Trump’s ability to implement pro-growth legislation that has helped the market hit repeated records in recent trade. According to a New York Times report late Tuesday, the president in February asked then-Federal Bureau of Investigation Director James Comey to shut down an investigation into the actions of former National Security adviser Mike Flynn a day after Flynn’s resignation. The Dow’s decline below its short-term moving average is the first time since around April, when both the S&P 500 and Dow entered a downtrend.
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