Yahoo Market Overview:
Market Update
1:30 pm : After recently hitting a new intraday bottom, what few optimists remain are apparently trying to view the market's latest dip as a buying opportunity. At their lows, all three major indices were down more than 2.7% on average.
The most noticeable and influential improvement has been seen in Financials (+0.3%), which has recently attracted enough bargain-hunting interest amid a sizable drop in borrowing costs to climb into positive territory.
While the bounce is surprising from the standpoint that investors are selling virtually everything, the extensive rotation out of this year's biggest winners -- like Energy (-3.4%), Materials (-3.9%), Industrials (-2.9%), and Technology (-2.5%) -- has evidently freed up enough capital to cautiously jump back into this year's biggest disappointment, Financials.
It is still down more than 13% on the year, but investors are selectively picking up a handful of depressed large-cap banks (e.g. BAC +1.8%, WFC +1.9%, WB +1.4%, USB +2.6%). DJ30 -253.35 NASDAQ -48.96 SP500 -23.71 NASDAQ Dec/Adv/Vol 2370/667/1.79 bln NYSE Dec/Adv/Vol 2950/410/1.53 bln
1:00 pm : As evidenced by the flight to quality in Treasuries pushing the 10-year yield below 4.60% for the first time since May, the mass exodus out of equities is becoming even more apparent.
The Dow has joined the S&P 500 and Nasdaq down more than 10% from its July peaks, signaling a market correction for an index containing the bluest of blue chips.
The Nasdaq is now in negative territory for the year, as is the S&P 400 MidCap Index, and, of the 147 S&P industry groups, only three are in positive territory. The average decline from all 10 economic sectors trading lower now stands at 2.6%. DJ30 -280.87 NASDAQ
