In early trading on Thursday morning, the S&P 500 dropped over 7% triggering a trading halt for the second time this week. After the 15-minute halt, stocks seemed to stabilize. Equity investors are assessing the new 30-day travel ban between Europe and the United States announced by President Trump last night. Moreover, there were several major announcements in the last 24 hours impacting major sporting events, the NBA, and MLS. The Dow Jones Industrial average entered bear market territory yesterday as the index fell over 20% from its high and now it seems imminent the S&P 500 will join the Dow in bear market territory when markets close today. The Federal Reserve surprised investors by announcing short-term bank funding later in the day which helped pare some of the earlier losses.
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Commentaries are published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.
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