The S&P 500, Dow and Nasdaq each erased earlier gains to dip into the red. Dana Peterson - The Conference Board Chief Economist and Sam Stovall, CFRA Chief Investment Strategist joined Yahoo Finance Live to discuss today’s market action.
After advancing as much as 1.9% earlier in the day, the S&P 500 had given up most of these gains by late afternoon, while the Dow and Nasdaq turned negative. The U.S. Centers for Disease Control confirmed the first case of the Omicron variant detected in the country and that the person had returned from South Africa on Nov. 22. Wall Street had tumbled on Tuesday after Fed Chair Jerome Powell said the central bank would consider accelerating the withdrawal of its bond buying program at its December meeting amid a surge in inflation and stronger economy.
The small-capitalization Russell 2000 index staged a powerful turnabout that was threatening to push the index into correction territory for the first time since June of 2020, Dow Jones Market Data. The Russell 2000 index was currently down 0.7% at 2,190, with a close below 2.198.47, representing a decline into correction for the benchmark. Market technicians deem a decline of an asset from a recent peak of at least 10% (but no more than 20%) as being in correction. The skid lower for the benchm