Traders Fade Election Rally
Global markets traded lower today on more signs that China's growth was slowing coupled with a hotter than expected PPI.
U.S. equities dropped early and only defensive sectors Consumer Staples (XLP), REITs (XLRE) and Utilities (XLU) were able to scratch out gains.
Communication Services (XLC), Technology (XLK), Materials (XLB) and Consumer Discretionary (XLY) were the weakest market sectors.
Oil prices slid for a 10th consecutive day falling below $60 a barrel and oil related stocks also weighed on the market. The DJIA came off its low of the day but ended with a loss of 201.92 points (-0.77%) at 25989.30 while the S&P 500 lost 25.82 points (-0.92%) and closed at 2781.01 after bouncing off its 200-day moving average in the afternoon. The NASDAQ finished back below its 200-day moving average dropping 123.98 points (-1.65%) to 7406.90.