The DJIA moved deeper into correction territory, while the SPX breached 1,900 for the first time in over three months
It was a brutal day on Wall Street, as the
Dow Jones Industrial Average (DJIA) suffered a triple-digit drop, while the broader
S&P 500 Index (SPX) slipped below 1,900 for the first time since early October -- and
back into correction territory. Likewise, the
Russell 2000 Index (RUT) officially entered a bear market. Transportation stocks were among the hardest hit, as crude oil remained near 12-year lows, and consumer discretionary stocks were also bruised
amid concerns of a global economic slowdown, despite the the Fed's Beige Book showing economic expansion in nine of the nation's 12 regions.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 16,151.41) tanked, losing 364.8 points, or 2.2%. Home Depot Inc (NYSE:HD) tumbled 4.8% to lead the way lower for the 29 declining Dow members, while Exxon Mobil Corporation (NYSE:XOM) managed a 0.6% rise.
The S&P 500 Index (SPX - 1,890.28) sank 48.4 points, or 2.5%, and closed below 1,900 for the first time since Sept. 29. The Nasdaq Composite (COMP - 4,526.07) was even worse off, sliding 159.9 points, or 3.4%.
The CBOE Volatility Index (VIX - 25.22) boomed to a 2.8-point, or 12.2%, gain, after finding a foothold at its 10-day moving average.


5 Items on Our Radar Today:
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Boston Fed President Eric Rosengren warned that the central bank's four expected 2016 interest rate hikes
carry "downside risks." Separately, Treasury Secretary Larry Summers sounded a similar note, saying, "I'd be surprised if the world economy can comfortably withstand four hikes." (
MarketWatch)
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QUALCOMM, Inc.'s (NASDAQ:QCOM) new joint venture sent these these two tech stocks to fresh annual lows.
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Option bears cheered as contract drama dropped this healthcare concern.
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How CEO Steve Ells triggered a breakout at Chipotle Mexican Grill, Inc. (NYSE:CMG).


Data courtesy of Trade-Alert
Commodities:
After seven straight losing sessions, crude ended a wishy-washy session slightly higher -- but remained close to 12-year lows -- despite weekly increases in crude and gasoline stockpiles. Specifically, oil for February delivery added 4 cents, or 0.1%, to settle at $30.48 per barrel.
Gold snapped a three-day cold streak amid a weaker dollar and stock sell-off, which enhanced the metal's safe-haven appeal. At day's end, February-dated gold was up $1.90, or 0.2%, at $1,087.10 per ounce.