The entire market experienced broad-based selling on Wednesday as investors reacted to a disappointing retail sales report. It was announced by the commerce department that April retail dipped 0.4 percent.
For weeks investors have debated whether the recent rise in stock prices has been a reflection of improving economic conditions or simply what is commonly referred to as a dead-cat bounce. Whichever, some market watchers said that they were keeping a sharp eye on gold. By the closing bell, the S&P 500 fell 2.69% to 884 – and more than 90 percent of stocks finished lower than the preceding day. The Dow ended the day down 2.18% to 8.285, and the Nasdaq dipped 3.01% to 1,664.
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