U.S markets opened the final week of September 2015 with a nervous level of uncertainty on the ambiguity of a possible future rate hike by the Fed, along with more worries about the global economy. The S&P 500 dropped over 2.4%, falling below the emotionally important level of 1,900 for the first time since August 26th. The Dow lost over 311 points, while the Nasdaq fell over 3%. Apple lost more than 1.5% despite the fact that the company sold more than 13 million new iPhones during a record first weekend of sales for the new iPhone 6s & 6s Plus. The big loser was biotech stocks.
BioShares Portfolio Manager Paul Yook told CNBC: “I think it’s a lot of panic. It’s a lot of people who came in recently.”
James Gaul, portfolio manager with Boston Advisors LLC told Bloomberg.com: “We are in a chaotic market with lots of volatility.”
The Dow and S&P are now on track for their worst quarter in four years.
Here are the final numbers from Monday, 9/28/15 on Wall Street:
Dow Jones Industrial Average: 16,002.86 (-312.78 / -1.92%)
NASDAQ: 4,543.97 (-142.53 / -3.04%)
S&P 500: 1881.77 (-49.57 / -2.57%)