It was the worst day of 2017 for the Dow as banking stocks led the decline. The Nasdaq also dropped more than 1%.
The CBOE Volatility Index - widely considered the market's fear gauge - surged more than 7%.
Let's look at the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,668.01; -237.85; -1.14%
S&P 500: 2,344.02; -29.45; -1.25%
Nasdaq: 5,794.00; -107.70; -1.82%
Now, here's a look at today's most important market events and stocks, plus a preview of Wednesday's economic calendar.
Shares of JPMorgan Chase & Co. (NYSE: JPM) fell close to 3%, while Keycorp (NYSE: KEY) dropped over 6%. Banking stocks were already under pressure heading into the week after the U.S. Federal Reserve raised interest rates last week by 25 basis points but signaled a less aggressive stance on future rate hikes.
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Policy analysts project that the Trump administration and Republicans will not be able to get the repeal bill of the Affordable Health Care Act through Congress. That fleeting expectation has investors worried that the GOP will also fail to engage in tax reform later this year.
Crude oil prices fell to a four-month low as markets largely ignored chatter that OPEC would follow through on the extension of its deal to cap excessive production. Rising U.S. production and inventory levels have largely deflated hopes that OPEC and non-member Russia will continue to slash crude production without seeing better economic results.
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The WTI crude oil price today dipped more than 1%, and Brent crude also fell more than 1%. Money Morning Global Energy Strategist Dr. Kent Moors explains the real problems behind the sharp decline in crude oil prices in the last week. Here's what Wall Street doesn't want you to know.
But the big story sliding under the radar was reported on March 17 by USA Today.
The world's first marijuana gym will open in the fall of 2017 in San Francisco. The announcement is the latest positive sign for the marijuana industry, showing that recreational use is becoming more widespread and accepted in the United States.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.