It was a new trading day on Wall Street but unfortunately it was the same old volatility on the markets as all three major U.S. indices experienced wild swings ending in another down day across the board. At one point during Wednesday’s selloff of global equities the Dow Jones industrial average was down more than 566 points. The NASDAQ was down more than 3.5% at one point, while the S&P 500 is now at its lowest level since 2014. Once again, as it has been for the past several weeks, “falling oil prices” were the main culprit. Oil collapsed 6.7% -closing below 27$ per barrel. Energy fell 6% to lead all sectors lower. Jeffrey Gundlach of DoubleLine Capital told CNBC that-
“…He doesn’t think declines will stop anytime soon, and suggest ‘margin calls’ are taking place.”
Billionaire owner of the NBA’s Dallas Mavericks Mark Cuban said in an interview today-
“The stock markets currently resemble a “game of chance” as “nobody knows” where they will go from here!”
Read Mark Cuban’s interview with CNBC here.
Here are the final numbers from Wednesday, 1/20/16 on Wall Street.
Dow Jones Industrial Average: 15,766.54 (-249.28/ -1.56%)
NASDAQ: 4,471.69 (-5.26/ -0.12%)
S&P 500: 1,859.33 (-22.00 / -1.17%)