Stocks Skid as Major Indexes Shed 2018 Gains

(Wall Street Journal) What started as a selloff in shares of highflying technology companies bled into other corners of the financial markets as investors drove down prices for everything from shares of retailers and energy companies to oil and bitcoin. The latest bout of selling left investors grappling anew with concerns that the nearly 10-year bull market could be running out of steam even as ongoing growth in U.S. jobs manufacturing and corporate earnings signal to many that a recession isnt imminent. Traders described a hectic opening for stock trading with some companies swinging in the first several minutes on higher-than-usual trading volumes. Amazon.com dropped 6 shortly after the open before bouncing back into positive territory. Shares then meandered lower closing down $16.83 or 1.1 at $1495.46. One possible reason for those jitters: Some traders who stepped in to scoop up shares in late October hoping for a quick rebound are now in danger of losing those potential profits and more. That puts the stock market in a tenuous position several said. The buy-the-dippers are getting concerned" said Justin Wiggs managing director in equity trading at Stifel Nicolaus. According to his calculations as of this morning about 16 of S&P 500 companies are now below their October lows. Those companies range from tech giants to health-care companies to energy firms. Read More