A surprise contraction in U.S. manufacturing last month knocked the stock market lower Tuesday, erasing an early rally.
Charles Schwab plunged after eliminating commissions for online trading, escalating a price war with other online brokerages. Rivals TD Ameritrade and ETrade Financial nosedived in heavy trading. Investors still have a busy week ahead. The Institute for Supply Management will release its service sector index on Thursday. That report will likely be closely watched, considering that services make up the bulk of the U.S. economy.KEEPING SCORE: The S&P 500 index fell 1.2% as of 1:37 p.m. Eastern time. The Dow Jones Industrial Average fell 332 points, or 1.2%, to 26,571. The Nasdaq fell 1.1%. Small-company stocks fell more than the rest of the market. The Russell 2000 index lost 1.7%.
CHUCKING COMMISSIONS: Charles Schwab plunged 9.8% after the brokerage and financial adviser said it is eliminating trading commissions on stocks, exchanged-trade funds and options. Rival discount brokers fell even more as investors anticipated another escalation in the fight to lower trading costs for investors. TD Ameritrade sank 21% and ETrade Financial dropped 16.8%. All three were moving in very heavy trading.
Islam58300889
I think the impeachment is what caused this!
Do you know why? Latin America buys $700 billion of American manufacturers. Trump launched the trade war and China cancelled over $200 billion of purchases of resources. Hence there is no money to buy American products. TRUMP IS A MORON
Manufacturing is retooling for automation .... to keep up with the Chinese.
Barnum and Bailey circus announces it hopes to make a comeback when Trump is out of office
SPOILER ALERT: It WASN'T a surprise!!
The biggest surprise is that the market continues to rally on tRUMP's behalf or it would have tanked a year ago when the tariffs started.
But I thought Trade Wars are easy to win? 🤔
IntelCrab THE ONLY TIME YOU EVER SAY ANYTHING ABOUT THE STOCK MARKET IS WHEN THE NUMBER GOES INTO THE RED!!!!!!
Surprise contraction? WTF. I have been reading for over a month that manufacturing had taken a dip.
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Source: Reuters - 🏆 2. / 97 Read more »