Stocks Wild Ride, Trade Sites Buckle…6,000 Points To Go Before Trump Rally Is Gone

Stocks are lower now in volatile trading; Dow swings in wild 934-point range

Stocks trying to find support in volatile markets from CNBC.

  • At its extremes the Dow was down by 567 points and higher by 367 points.

  • “I thought we were going to see the bottom within five minutes of when we opened. I think that’s basically what we’re seeing,” says Ed Keon of QMA.

After two huge sell-offs in a row, U.S. stocks are all over the map on Tuesday.
The Dow Jones industrial average opened with a big whoosh lower, then rallied all the way back and was more than 300 points higher at one point, before settling slightly lower.
As of 1:49 p.m. ET, the Dow is 24 points lower. At its extremes the market average was down by 567 points and higher by 367 points.

Check here for the latest market index numbers.
The S&P 500 is 0.3 percent lower with utilities as the worst-performing sector. The Nasdaq composite gained 0.1 percent.

Fidelity Reports Web Issues After Robo-Adviser Sites Crash

Fidelity Investments had intermittent technology issues with its website a day after robo-advisers struggled in the market rout.

Fidelity customers faced some difficulties accessing the firm’s home page on Tuesday. By early afternoon, the issues were resolved, said Michael Aalto, a company spokesman.

The websites of two of the country’s biggest robo-advisers — Wealthfront Inc. and Betterment LLC — crashed on Monday as the S&P 500 Index sank. Complaints quickly spread across Reddit and other internet sites from people who had trouble logging onto their accounts. “Really?” wrote @jlpatel23 after he received a message from Wealthfront saying its site was down.

The glitches at the robo-advisers represent a setback for a niche of the financial market industry that has been booming as people have become more comfortable making investment decisions without speaking to human advisers. Vanguard Group and Charles Schwab Corp. reported outages on Monday and said those didn’t recur today.

Nanex Notes Another Trick To Disrupt Plunges
From ZH:

By all accounts, markets feel broken now, quickly and violently moving between gains and losses. At one point we went from -700 on the futures to a +400 in the opening minutes of trade. I would call that fuckery of extreme proportions. On top of that, Fidelity and other online brokerages have been down all morning, effectively stopping advisors and retail from accessing accounts to make adjustments. This is probably why markets ripped higher in the morning. There was no one there to sell because all of the fucking platforms were down.

 
And I like the imagery of this liquidity description device.

Trump still has a large cushion before the Dow’s postelection gains disappear.

The Dow closed at 18,332.74 on Nov. 8, 2016, Election Day, which means there are 6,013 points to go before the Trump rally is gone.
President Donald Trump has repeatedly touted the strong stock market performance since his election victory as proof of his success.
Detractors may point to the Dow Jones industrial average‘s recent stumbles, but the benchmark index has much further to fall before Trump’s postelection gains are gone.

 

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