The Dow Jones Industrial Average closed at 9974.45, the first time since February that it’s been lower than 10,000. As the Wall Street Journal described it, the decline occurred as “investors’ worries about global growth resurfaced, overshadowing strong U.S. data”:
Traders said the market’s late slide was fueled in part by the euro’s decline as investors continue to wait for some sign that policy makers will take steps instead to reign in a potential spread of the euro zone’s debt crisis. The euro tumbled to $1.2193, compared to $1.2334 late Tuesday, in volatile trading dominated by market speculation about the additional fallout from the crisis….
The day’s reversal marked the third day in a row that the market has had a late-day move erasing the performance it had posted through most of the session. Traders say that even during rallies, buyers haven’t necessarily been motivated by strongly held conviction that the global economic rebound will last. As a result, they’ve been prone to take money off the table the first chance they get—an approach that fuels slides like the one Wednesday afternoon.
Republican leaders immediately demanded congressional hearings, investigations and the appointment of a special prosecutor, adding the decline to their growing list of reasons for impeaching President Obama.
OK, just kidding about that last part.