From Aaron Kuriloff and Corrie Driebusch at WSJ:
Stocks and bonds tumbled Friday, with the Dow industrials and S&P 500 posting their biggest percentage losses since the Brexit selloff.
Fresh signs that central banks could be backing away from easy-money policies helped boost the dollar, while investors sold shares of dividend payers like utilities and telecommunications companies that have been popular with income-seeking investors while rates have been low. Yields on some government bonds reached their highest levels since late June.
The Dow Jones Industrial Average fell 394.46 points, or 2.1%, to 18085.45, and the S&P 500 declined 2.45%, marking the biggest one-day declines for the indexes since late June when a selloff followed the U.K.’s vote to leave the European Union….
Friday’s tall red candle is reminiscent of the sharp Brexit drop in June. That lasted two days. Respect of 2100 would complete an inverted scallop — a strong bullish signal — while respect of primary support at 2000 would completed a rounded top which, despite its name, has an even chance of continuing the primary up-trend. Breach of 2000 remains unlikely.
Read more at Stocks Post Biggest Fall Since Brexit Over Rate Fears | WSJ
Interesting that #SPX Banks better resisted the selling Colin
Banks were more exposed with Brexit. Less so with rising interest rates at present low levels. It might even help margins.