FYI: Thursday’s drop wasn’t just big. It was weird, too.
The Dow Jones Industrial Average dropped 200.91 points, or 0.75%, to 26,627.48, while the S&P 500 fell 23.90 points, or 0.82%, to 2901.61 The Nasdaq Composite tumbled 1.8% to 7877.66.
All three indexes were off their worst levels, but there’s nothing weird about that. What is strange is that there were only two sectors trading up on the day, and they’re sectors that don’t usually rise together. The Financial Select Sector SPDR ETF (XLF) closed up 0.6% to $28.14, while the Utilities Select Sector SPDR ETF (XLU) rose 0.3% to $52.82.
Regards,
Ted
https://www.barrons.com/articles/as-dow-tumbles-utilities-and-financials-rise-theyre-not-supposed-to-do-that-1538682471?mod=hp_INTERESTS_funds
