Revelation 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"
Investors were hopeful on Tuesday as U.S. stock seemed to have early gains, but those gains were reversed and U.S. stocks ended down within the final 30 minutes of trade.
Trading on Wall Street was voluminous . S&P 500 was down 1.4% even after a late selloff that gained them 2.9% earlier today.
The day ended with the Dow Jones industrial average falling 204.91 points, or 1.29%, to 15,666.44. The NASDAQ Composite lost 19.77 points and S&P 500 was down 25.59 points, it’s biggest loss since 2011.
“You saw a knee-jerk drop and a knee-jerk recovery and now people are thinking about it,” said Brad McMillan, chief investment officer for Commonwealth Financial in Waltham, Mass.
The Chinese central bank cut interest rates by 0.25%, making the one-year lending rate 4.6%. The reason was “aimed at lowering corporate borrowing costs and to ensure enough liquidity for stable credit growth.”
“I think it’s a real good start, but it’s on the low end of what the markets were looking for. It indicates China has stepped off the idea that markets will go it alone, and instead the government will support them. It’s not a question about how much assistance there is, now that they’ve made the commitment, it will be enough [to quell market sentiment],” McMillan stated.
Despite these efforts to boost China’s equity markets, the Shanghai Composite lost 7.63% and Japan’s Nikkei fell 3.96%.
The price of oil barely rose, but the slowdown in China kept prices from rising significantly. The price of copper rose 2.3%, but the values of both gold and silver fell.
