by Ian Harvey
March 22, 2017
The Dow Jones Industrial Average (DJIA) dropped to triple digits for its worst daily percentage loss since Sept. 13, amid a disastrous day for bank stocks. One of the worst hit areas was financial shares which slid on worries that President Donald Trump's tax reform and deregulation efforts will be delayed.
Also, the Nasdaq Composite (COMP) was even worse off than the Dow -- falling the most since Sept. 9, despite touching a record intraday high of 5,928.06 in early trading.
As well, the Russell 2000 Index (RUT) dropped into negative year-to-date territory, and the S&P 500 Index (SPX) logged its biggest loss since Oct. 11.
And adding fuel to the pull-back, Fed officials attracted attention, with Kansas City Fed President Esther George saying she currently sees an opportunity to remove some stimulus measures.
Retail stocks have taken a hit with a loss of 1.5% on Monday -- down 5.2% on the year -- one of the worst performing groups.
However, since the consumer makes up two-thirds of the US economy, it is impossible for the economy to be growing as it is now while also having an ailing consumer sector. That is especially true with the unemployment rate all the way down near historic lows and with Consumer Sentiment and Confidence indices soaring higher.
The solution is simple --buy the dip – and what better way to do this then by turning to Stock Options Made Easy recommendations, which continue to produce great consistent profits for their members.