Stocks Take Sudden Nosedive in Early Trading
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Spencer Platt/Getty Images(NEW YORK) — U.S. stocks opened with a rough start Wednesday. The Dow Jones Industrial Average plunged more than 350 points in the first few minutes of the trading day.
The nosedive in shares were likely due to some disappointing economic figures, notably retail sales, which fell to a lower level than expected. Add Middle East distress and weakness in the European economy to concerns over the global Ebola outbreak, and the combination can make consumers uncomfortable with the general outlook.
The Producer Price Index also reflected some slack in the economy.
Still, Pierre Ellis, a senior economist with Decision Economics, tells ABC News the future doesn’t look so bad.
“Out general trend is that the economy looks good over the long-term, which should be reflected over the long term in improvement in stock prices,” he says.
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