Nasdaq hits bear market on intraday basis on Thursday

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December 20, 2018 4:15pm NASDAQ:QQQ

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From Mark Decambre: The Nasdaq Composite Index COMP, -1.63% on Thursday fell 2% at 6,501, touching a bear-market level, usually defined as a drop of at least 20% from a recent peak. On an intraday basis, the Nasdaq briefly fell into a bear market, slipping to a low Thursday of 6,484.04 from its Aug. 30 intraday high of 8,133.30. Markets were already on edge after investors were disappointed that the Federal Reserve didn’t sufficiently communicate a dovish stance after it raised benchmark rates by a quarter of a percentage point on Wednesday to a range of 2.25% to 2.50%, and lowered its guidance for coming rate increases. Worries about a partial government shutdown also added to the downbeat sentiment. The Russell 2000 index of small-cap stocks is in bear market RUT, -1.65% while Dow Jones Industrial Average DJIA, -1.99% and the S&P 500 index DJIA, -1.99% are already in correction, defined as a drop of at least 10% from a recent peak. All four benchmarks were trading near Thursday’s lows.



The Invesco QQQ Trust Series I (QQQ) was trading at $152.55 per share on Thursday afternoon, down $1.98 (-1.28%). Year-to-date, QQQ has declined -1.90%, versus a -7.01% rise in the benchmark S&P 500 index during the same period.

QQQ currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 41 ETFs in the Large Cap Growth ETFs category.


This article is brought to you courtesy of MarketWatch.


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