The market displayed some explosive volatility today and eventually continued its downward slide from last Friday. At one point the Dow Jones Industrial Average was down over 400 points before recovering half the losses.. The major concern today was worries over global growth. Kate Warne, investment strategist at Edward Jones told CNBC:
“I think it’s worries that the global economy is slowing down more than expected and that’s translating into lower oil prices.”
Oil fell another 3% today to $29.92 a barrel. Last week, U.S. oil dropped about 6 percent. Meanwhile gold soared today-up over $40/ounce at one point before settling $32.50 ahead at $1,190 per ounce.
Also today; an admission from a professor who teaches at one of the country’s top business schools that he was “too bullish” with his market prediction. Jeremy Siegel, who is a professor at finance at the prestigious Wharton School of the University of Pennsylvania backed off his prognostication from last November that he thought the Dow Jones Industrial Average could reach 20,000 in 2016.
Watch and listen to Jeremy Siegel on CNBC from November 9, 2015 (when the Dow was over 15,900) and where he believed the markets were heading.
This past Monday, during an appearance on CNBC’s Squawk Box”, Jeremy Siegel admitted he was too bullish with his prediction for last November. Watch below.
Here are the final numbers from Monday, 2/8/16 on Wall Street
Dow Jones Industrial Average: 16,027.05 (-177.92 / -1.10 %)
NASDAQ: 4,283.75 (-79.39 / -1.82 %)
S&P 500: 1,853.44 (-26.61 / -1.42 %)