After a positive start the U.S indices sharply turned, dropping into negative territory. Even though certain large names helped stocks at the start of the session, including *******, which released a positive outlook, financials weighed on the intraday session as numerous banks received downgrades.
Rochdale sparked the intraday sell-off, downgrading regional lenders Fifth Third and SunTrust. Even though all the 10 major sectors closed in red, financials clearly weighed on the session, closing down by -2.58%.
As stated in numerous reports on the site, a correction was expected, especially around psychological levels. After an enormous run-up, investors are now becoming cautious going forward. From a technical point of view the Dow Jones Industrial Average retreated off the 10,000 mark and came down to test its prior low. Investors will now be scrutinizing current levels to make sure the index manages to form a higher low.



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