Dow slides 200 points; S&P 500 closes below key 2,800 level
Stocks staged a marked turnaround Monday as the S&P 500 sank back below a key chart level and a trade resolution between the U.S. and China had long been expected by traders.
The S&P 500 dropped 0.4 percent to 2,792.62 after climbing nearly half a percent, breaking back below the key 2,800 level. The broad index closed above 2,800 on Friday, marking its highest close since Nov. 8.
The Dow Jones Industrial Average fell 206.67 points to 25,819.65, erasing a 129.66-point gain. Boeing was one of the worst performers in the Dow, sliding 1.8 percent. The Nasdaq Composite closed 0.2 percent lower at 7,577.57. Earlier in the day, it was up as much as 0.64 percent.
"The market on all technical levels was the most overbought we've been" in a while, said Larry Benedict, founder of The Opportunistic Trader. "The market is just overextended."
"You're also going to start seeing some skepticism on the China front," Benedict said. "Everybody thinks this is a done deal. I don't know how easy it's going to be."
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