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Dow Falls 175 Points on Awful Retail Sales Data While Bitcoin Price Continues Slow Bleed
A historically-abysmal decline in consumer spending crushed the US stock market on Thursday, causing the Dow to open to triple-digit losses just hours after it looked like the index would continue its mid-week rally. The bitcoin price, meanwhile, continued its slow bleed down toward interim support at $3,550 and could very well be on the verge of another large sell-off.
Weak Retail Sales Report Crushes Dow at Thursday Open
The Dow Jones Industrial Average (blue), S&P 500 (red), and Nasdaq (orange) all opened to hefty losses.
As of 9:37 am ET, the Dow Jones Industrial Average had dropped 176.86 points or 0.69 percent. The bearish trend rippled throughout the wider stock market as well, pushing the S&P 500 down by 0.55 percent and the Nasdaq down by 0.34 percent.
Thursday’s bearish open was a marked change from Wednesday’s close. The Dow had recorded its second-straight triple-digit gain, rising 117.51 points or 0.46 percent to 25,543.27. The Nasdaq rose 0.08 percent, and the S&P 500 climbed 0.3 percent in what ultimately proved to be another positive day for the US stock market.
Read the full story on CCN.com.
