Fast Money Preempted Tuesday April 27th
By: Lee Brodie | Producer
Due to CNBC’s live coverage of the Goldman Sachs hearings, Fast Money was largely pre-empted on Tuesday.
Check back on Wednesday for the latest ways to trade this rapidly changing market.
In the meantime, here’s a market wrap with most content provided by our news partner, Reuters.
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Stocks closed sharply lower on Tuesday, with the S&P 500 breaking below a point of resistance. Technical analysts now look at 1,180 as a near-term support. Mid-term support is seen at around 1,150, the peak the benchmark hit in January.
The combined volume on the New York Stock Exchange, the American Stock Exchange and Nasdaq was the second highest this year, with 12.77 billion shares traded.
As you likely know, the move came as Senators hammered Goldman Sachs executives for taking advantage of the housing bubble and making billions off that market's collapse.
"The fear that there may be financial reform that might be a little overburdening on the market, that's hurting the financial stocks and spilling over into the market in general," said Jim Maguire Jr., an NYSE floor trader at E.H. Smith Jacobs.
The stock sell-off was broad, with economically sensitive sectors such as materials , energy, financials and consumer discretionary each falling around 3 percent. Chevron was among the biggest drags on the Dow Industrials, falling 2.9 percent to $80.23.
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