Dow Jones opens in correction territory

Posted on: February 6th, 2018 by ABC News No Comments

ABC News(NEW YORK) — The Dow Jones Industrial Average fell more than 500 points at the opening of the New York Stock Exchange on Tuesday, a day after the index plunged a record 1,175 points.

Tuesday morning’s nose dive came after two consecutive days of negative trading.

The Dow has now pulled back about 10 percent since reaching a record high of 26,616 on Jan. 26, 2018 — putting it in correction territory.

Randy Frederick, vice president of trading and derivatives for Charles Schwab, told ABC News the fall had been expected after markets hit record highs. He said traders are still jittery about jumping back in.

“People need to be a little bit cautious,” Frederick said. “It’s time to sit back and wait because we might not have hit bottom.”

The Dow’s plunge on Monday set off global shock waves. Japan’s Nikkei 225 fell 4.73 percent and China’s Shanghai SE Composite Index was down 3.35 percent.

Copyright © 2018, ABC Radio. All rights reserved.

Leave a Reply

You must be logged in to post a comment.