Stocks Collapse on Slowdown Worries

Stocks are under heavy pressure Thursday as investors give back all of yesterday's gains and then some, with oil stocks and small caps being hurt the most. Also, Mario Draghi's speech at the Brookings Institution failed to inspire buyers.

The Dow is down 288, the S&P 500 is down 33 and the Nasdaq is down 74.

Yesterday's market gains came on the back of comments in the Federal Reserve minutes about the threat of a global economic slowdown. The comments suggested the Fed could hold off longer on the anticipated 2015 rate hikes. Today, investors are taking a more sober view of the comments, which to some suggest the market may not be able to stand on its own two feet once the Fed ends QE this month.

Oil continues to be under pressure with brent crude falling below $90 for first time since June 2012. The move has oil stocks like Exxon Mobil (NYSE: XOM) (-2.8%) and Chevron (NYSE: CVX) (-3%) reeling.

Meanwhile, Apple (NASDAQ: AAPL) is holding most of its early gains on the back of an upgrade from Oppenheimer and an open letter from Carl Icahn seeking an increased and accelerated share buyback. Icahn also said the stock should be worth $203 per share today, or double the current level.

You May Also Be Interested In