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Sunday, January 24, 2021
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Wall Street tumbles again as S&P, Dow confirm correction

The benchmark S&P 500 and the Dow industrials confirmed they were in correction territory, both falling more than 10 percent from their Jan. 26 record highs. The S&P 500 slumped 3.8 percent on Thursday, while the Dow dropped 4.2 percent as losses accelerated late in the trading day.

Thursday marked another day of sharp swings in recent sessions including the S&P 500’s biggest drop in more than six years that pulled equities away from record highs.

Jaime Desmond, Chief Operating Officer and Senior Vice President at Ladenburg Thalmann Asset Management said she believes the recent volatility is “mostly driven by algorithms and technical trading.”

“Fundamentally the economy is still really strong,” she added.

The Dow Jones Industrial Average fell 1,032.89 points, or 4.15 percent, to 23,860.46, the S&P 500 lost 100.66 points, or 3.75 percent, to 2,581 and the Nasdaq Composite dropped 274.83 points, or 3.9 percent, to 6,777.16.

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