Assessing Wednesday's Damage
Some pretty serious selling hit the major averages on Wednesday, as the market voiced its displeasure at the slowness of debt-ceiling talks in Washington, D.C. Investors also didn't like what they saw in the Fed Beige Book, an anecdotal look at economic activity around the country. Growth slowed in eight of the Fed's 12 bank regions in June and early July.
The Nasdaq led the way, falling 2.65%, to 2764. Volume on the NYSE and Nasdaq rose sharply from Tuesday's levels, with NYSE volume clocking in at 1 billion shares and volume on the Nasdaq rising to 2.36 billion shares. The tech index shows six higher-volume declines since July 11. It was the third straight decline for the S&P 500 in which volume rose from the prior session. The benchmark index now also shows six higher-volume declines since July 11....668 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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