S&P 500 Sell-Off Deepens: Tech and Energy Stocks Get Crushed
On Sept. 8, the S&P 500 Index (SNPINDEX: ^GSPC) continued to tumble lower, with today's 95-point decline erasing 2.8% in value. That marks the third-straight session where the index, which makes up about 80% of the market value of all U.S. stocks, finished lower. In total, the S&P 500 has lost almost 7% over those three days.
The narrative has been largely that the sell-off is the result of investors selling big-tech stocks after months of bidding up the companies that have done the best so far this year. The painful reality is that it's not just tech stocks leading the market lower. Almost 450 of the 505 stocks in the S&P 500 finished lower today, and 181 fell more than 2.5%. In addition to the continued tech exit, energy stocks were brutalized today following news that Saudi Arabia was cutting oil prices in key markets, including the United States.
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Source Fool.com
