Friday, August 21, 2015 – 01:00 P.M.
Global stock markets plunged on Friday, with the Dow Jones Industrial Average plunging 530 points. The S&P 500 fell 65 points, while the Nasdaq fell 171 points.
Stock indices have fallen 10% from record highs reached earlier this year.
Today’s fall reaches the official correction threshold.
It ‘s actually healthy for stocks to pullback after a sustained move upwards. The last correction was in 2011.
The bigger talk of the day is over the price of crude oil.
West Texas Intermediate Crude Oil (WTI) briefly fell below $40 per barrel this morning, but recovered to settle at $40.45. The low for the day was $39.86.
The news that the U.S. oil rig count climbed last week pressured prices lower in today’s trading.