Epic Research Update : US Markets

Bank shares dragged Wall Street lower on Thursday on concerns the slowing global economy will continue to pressure interest rates, while energy shares helped pare losses late in the session.

Volume was high as the S&P 500 touched its lowest in two years at its session low but shaved half its loss by the close after the Wall Street Journal reported OPEC was ready to cooperate on crude oil production cuts, citing the UAE energy minister.

The Dow Jones industrial average fell 254.56 points, or 1.6 percent, to 15,660.18, the S&P 500 lost 22.78 points, or 1.23 percent, to 1,829.08 and the Nasdaq Composite dropped 16.76 points, or 0.39 percent, to 4,266.84.

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