S&P 500 sets new low for 2011
New York, NY, United States (AHN) – How low will it go?
That is the question facing analysts, traders and investors Wednesday as the Standard & Poor’s 500 Index hit a new low for the year.
In early afternoon trading, the S&P 500 lost 1.3 percent to dip under 1,238. While corporate earnings for the quarter continued to be strong, it wasn’t enough to appease the markets. Economic uncertainty has many investors on edge.
Gold continues to reach new highs, the dollar continues its descent, and oil was also treading lower. Economic woes persist and market trends all point lower for the moment.
Traders were looking for support in the 1,240-1,245 range on the S&P, but that range was touched and broken. Now traders are simply looking for a bottom.
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