Investors were spooked Wednesday by signs of escalating tensions between the U.S. and Iran as the two conducted peace talks and sent major indexes lower in the afternoon. Economic data was mixed with the Federal Reserve's Beige Book due later Wednesday. And Ollie's Bargain Outlet (OLLI) extended a losing streak on the stock market today.
The Dow industrials dropped 0.8%, or more than 400 points. Losses deepened for the S&P 500, with financials leading the broad market benchmark down 0.7%. The tech-heavy Nasdaq composite fell 1%.
All three indexes scored record closes on Tuesday. In Wednesday's trade, the small-cap Russell 2000 index was the hardest hit and tumbled 1.4%.
Ollie's Bargain Outlet (OLLI) got a boost in the early going but erased gains and was off fractionally to extend a three-day losing streak amid a mixed earnings report.
The discount retailer announced earnings of 91 cents per share on sales of $658.9 million for its first quarter. ****** ysts polled by FactSet had targeted 87 cents in earnings per share but expected sales of $661.7 million.
The Dow industrials dropped 0.8%, or more than 400 points. Losses deepened for the S&P 500, with financials leading the broad market benchmark down 0.7%. The tech-heavy Nasdaq composite fell 1%.
All three indexes scored record closes on Tuesday. In Wednesday's trade, the small-cap Russell 2000 index was the hardest hit and tumbled 1.4%.
Ollie's Bargain Outlet (OLLI) got a boost in the early going but erased gains and was off fractionally to extend a three-day losing streak amid a mixed earnings report.
The discount retailer announced earnings of 91 cents per share on sales of $658.9 million for its first quarter. ****** ysts polled by FactSet had targeted 87 cents in earnings per share but expected sales of $661.7 million.
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