Stocks fell on Thursday as the market sell-off continued after another failed rebound attempt.
The Dow Jones Industrial Average dropped 250 points, or 0.8, falling for its sixth-straight day. The S&P 500 fell 0.7 percent and hit a new low for the year. The index was down 18.9 percent on an intraday basis and about 19 percent on a closing basis, and steered closer toward bear market territory. Meanwhile, the Nasdaq Composite slipped 0.7 percent as tech-heavy selling persisted after taking a short breath.
All the major averages closed the session on track for weekly losses.
Earlier in the session, the market tried to rebound as traders bought into beaten-down names. At one point, the Dow was up as much as 80 points at session highs, while the Nasdaq added 1.6 percent.
“Even if you say we’re in a bear market, there’s rallies within bear markets that can be very sharp,” said Truist’s Keith Lerner about the early market moves. “I think, at least short-term, and given how oversold we are and given that we’re starting to see people nibble at some of these areas that have been the most beaten up, I think that’s at least a silver lining in a sea of red and gloom over the last couple of days.”
Those gains slipped as the markets once again struggled to pick a direction and the S&P 500 was on the brink of bear market territory. Of the major averages, the Nasdaq is the only one in bear market territory, having fallen more than 30 percent from its record high — as tech shares continue to get pummeled.