The rocky financial start in 2016 kept going on Wednesday. SMFN’s Ryan Gaumont reports that Wall Street had another bad day. Stock prices dropped sharply. The Dow Jones Industrial Average dropped more than 364 points, down almost 10% from its highs of late 2015. The Nasdaq lost almost 160 points, a 3.4% drop, and the Standard & Poor’s 500 Index fell 2.5%.
Among the biggest losers on Wednesday were Netflix, whose stock fell based on concerns about its fourth quarter earnings report due next week, and Twitter, whose stock fell to an all-time low on Wednesday. Twitter’s problems may be due in part to a recent survey by Mizuho Securities that showed deteriorating usage for Twitter among social media used on mobile devices.
Crude oil prices stayed low on Wednesday. Crude held on at about $30 per barrel on Wednesday, although the Brent crude oil benchmark price fell below $30 on Tuesday.
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