Stocks Post Biggest Fall Since Brexit Over Rate Fears | WSJ

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….

S&P 500 Index

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.

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