This post is from CNBC producer Robert Hum:
The markets traded in a relatively tight range this morning. However, as the markets drifted lower midday, selling dramatically picked up when the S&P 500 fell below its intraday low of 839.80 that it hit back on October 10.
Once that technical level was crossed, the S&P 500 dropped another 20 points, to a new 5.5-year low. Weakness was broad-based, but financials were notable underperformers, with many large cap banks posting double-digit declines.
Just an hour later, the S&P 500 retraced its losses and found itself once again in positive territory, while showing signs of some buying interest. Volume picked up in the S&P 500 Depository Receipts (SPY) and was particularly strong as the market moved up. In fact, as of early this afternoon, 450 million shares of SPYDERS have already changed hands; well above the average daily volume of 380 million shares. Helping move the markets back up are notable rebounds in energy, industrials, and financials.
Despite the move up this afternoon, the Nasdaq Composite one third of the Dow’s components remain at new lows, as many of the techs and financials continue to hit multi-year lows.
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