August 18, 2017
U.S. stocks closed sharply lower yesterday amid political concerns in Washington and following soft earnings results for tech giant Cisco Systems. The Dow Jones Industrial Average fell 1.2% to 21,750, the S&P 500 Index dropped 1.5% to 2,430, and the Nasdaq Composite tumbled (1.9% to 6,222. Treasuries ticked higher, with the yields on the 2-year and 10-year notes dipping to 1.30% and 2.19%, while the 30-year bond declined to 2.78%.
Terror attacks in Spain are weighing in on markets across the globe. All major European markets slumped at the open, most Asian markets ended lower, and U.S. equity index futures suggested a cautious start. The lone release from the domestic economic calendar will be the preliminary University of Michigan Consumer Sentiment Index for August. Estee Lauder and Foot Locker are among the few reporting earnings results.
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