Market Watch: OPEC Deal Saves Stocks from Global Selloff

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Words like “recession” & “sell-off” were no-doubt muttered around the trading floors on Wall Street today as the markets experienced huge losses in the beginning of the day due to a massive global sell-off and falling oil prices. The Dow Jones industrial average briefly fell 400 points in afternoon trading, as Boeing and Goldman Sachs took some of the biggest hit. However, stocks rallied to cut half their losses after the energy minister of the United Arab Emirates said OPEC members were ready to cooperate on an oil production cut. At one point today the S&P 500 dropped more than 1.5 percent, as the financial sector fell about 3 percent. The S&P is now getting close to the 1,800 level as it closed today at 1,829.

Peter Cardillo, chief market economist at First Standard Financial told CNBC:

“There’s a chance we break below the 1,800 level, (on the S&P 500) and then the next level to watch is 1,775.  I think we could see a bounce there. Otherwise, we’re in trouble.”

According to one strategist: Recession fears are real. Watch below.

Here are the final numbers from Thursday, 2/11/16 on Wall Street

Dow Jones Industrial Average: 15,660.18 (-254.56 / -1.60 %)

NASDAQ: 4,266.84  (-16.75 / -0.39 %)

S&P 500: 1,829.08  (-22.78 / -1.23 %)

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