Stocks continued their slump in Tuesday’s mid-day trading after data reporting that U.S. consumer confidence fell in June, paired with concern over Europe’s fiscal challenges.
An hour from the market close, the Dow (DJI) lost 236.93 points, 2.43 percent, to 9,901.59, marking the first time the index dropped below 10,000 since June 10; the S&P 500 gave up 28.81 points, or 2.68 percent, to 1,045.07; and the Nasdaq fell 72.99 points, 3.29 percent to 2,147.43.
U.S. stocks are set to post their first quarterly decline since the first quarter of 2009, curtailing from four consecutive quarters of gains; and second-quarter results wiped out gains for the markets this year.
On average, the markets tie up the first half with a decline about once every three years. Historically, during years when the markets have reported a first half loss, they posted a second half gain roughly 50 percent of the time.
Oil prices also took a hit today, weighed by shaky consumer confidence and concern about gasoline prices and demand for the summer travel season. Benchmark crude oil fell $2.32, or 2.96 percent, to $75.93 in late-day trading on the New York Mercantile Exchange, with gasoline and other energy prices following the downturn.