Dow drops over 400 pts weighed down by Nike

Friday, 22. March 2019 16:57

Stocks on Wall Street extended losses on Friday as investors digested data released earlier in the day. Private sector growth was at a 6-month low in March, according to IHS Markit, while existing home sales surged 11.8% in February, the National Association of Realtors (NAR) said. Census Bureau data showed an increase of 1.2% in wholesale inventories for January.

The Dow Jones Industrial Average index well over 420 points at its lowest point, after which it was dropping 389 points, or 1.5% at 12:03 pm ET. After reporting its financial results, Nike was the worst performer as it plunged 5.37% to the level unseen since February 11. The Nasdaq 100 was down 1.62% at the same time, with Cintas Corp. diving 6.58%.

The S&P 500 lost 1.53%, led by SVB Financial Group's dive of 8.41%.

The euro decreased by 0.78% against the dollar at 12:05 pm ET, going for $1.12857, the lowest point in 10 days.

Related Links: NIKE Inc.
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Breaking the News / NI