Kyle Harrington explains why stocks slide again
Stocks close down on Wall Street: the DOW dropped 75 points to close at 16,368; the NASDAQ dropped about 0.5%; the S&P dropped more than 0.5% – now only 4% under the record high it set last month. In fact, the DOW has dropped more than 4% from its all-time high last month. The index is now at its lowest level since April. Financial analyst Kyle Harrington joins KUSI News live Thursday to talk about what’s causing U.S. stocks to dive and more.
“Effect the domestic markets in a quick way, it doesn’t happen over weeks. You couple that with earnings reports that I think were mixed, at best. We saw NewsCorp today after the bell report misearnings; we saw Zynga, which is a game-maker, that reported misearnings. And I think you couple that with a jobs report that was meager in July. You see Microsoft announce they’re going to lay-off 18,000 people, which is their largest layoff since going public. And I wish the news was better, but we have a DOW Jones that’s at its lowest point right now since April. So, people, investors are nervous. They’re skiddish.”