Crude oil settled at its lowest level since May 2003, rattling equity markets in what was an extremely volatile day of trading. The Dow racked up a loss of more than 500 points at its lowest, though stocks staged a comeback in the final hour. The energy sector was one of the worst performers on markets after crude fell nearly 7%. Among the biggest losers, Exxon Mobil (XOM) tumbled more than 4%, while Chevron (CVX) sank around 3%. Twitter (TWTR) rebounded from a record low this afternoon on talk News. Corp (NWSA) could be interested in buying a piece or all of the social network. Advanced Micro Devices (AMD) tumbled after disappointing first-quarter guidance. The chipmaker said weakness in the Chinese economy as well as less demand for gaming consoles would hurt its semiconductor sales.
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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.