No rays of light are opening up in afternoon trading on U.S. equity markets.
The Dow fell as much as 280 points in intraday trading, and the S&P 500 entered “correction” territory, dropping more than 10% from its April 2 highs. Weak jobs numbers sank stocks starting before the opening bell, and President Obama couldn’t rouse investors this afternoon by pledging “we will come back stronger.”
Homebuilders continue to lead the market lower, but there’s been a broad selloff among financials. Wells Fargo (WFC) was down 4.8% and both Bank of America (BAC) and Citigroup (C) dropped more than 3.5%.
Stocks with exposure to China were also falling, as factory data out of that country showed that economic activity may be slowing. as Yum Brands (YUM) slid 8%.
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