Market Extra: The stock market blew its biggest lead since February 2016

What a whiff! After staging what was shaping up to be a healthy stock-market surge, equity-index benchmarks buckled Wednesday, ending squarely in the red and registering their worst reversal since February 2016.

The Dow Jones Industrial Average DJIA, -0.20% which briefly boasted a nearly 200-point gain, up 1%, erased all those gains—and then some—to end down 0.2% at 20,648.15. According to Dow Jones data, that reversal marked the largest blown lead for the market since Feb. 10, 2016 (see chart below which shows the day’s action, with the red line representing Tuesday’s close).

Source: FactSet
Dow’s brisk reversal

It was also the worst pivot lower for the S&P 500 index SPX, -0.31% which was as high as 0.8%, but ended down 0.3% at 2,352.95, also in about 14 months.

>>> Original Source <<<