Stocks retreated from Wednesday's rally after third-quarter U.S. GDP slowed. The rate of growth slipped as businesses cut back on restocking to compensate for an oversupply in inventories. Deutsche Bank (DB) fell after detailing plans to exit 10 countries and reduce its workforce by 35,000 positions. Management also told shareholders it would not offer a dividend this year or next as it focus on restructuring efforts. Pending home sales fell in September for the second straight month. The index hit its second-lowest level of the year, though remained up 3% from a year earlier. Weather could have played a role in weakness after heavy rainfall in the Northeast.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.