Stock investors focused on new worries about the coronavirus and economy, selling into a market Monday that was already technically shaken and set for further declines
But Monday's sharp sell-off was different than the September slump that has centered on tech and growth stocks. Instead it was led by the cyclical names that had been gaining on expectations for a recovering economy, and not so much by the frothy growth names that have been correcting.
Another factor is the political uncertainty following the death of Supreme Court Justice Ruth Bader Ginsburg, with Republicans moving to replace her immediately and Democrats pushing for a delay until after the inauguration in January. That has intensified an already contentious divide, increases election uncertainties, and makes it less likely Congress will working together on a stimulus package to support the economy, analysts said."Because the recovery from the earlier Sept.
"Psychologically, we'll probably see 3,200, maybe even today," said Scott Redler, a technical strategist and partner with T3Live.com. "That's a compelling level to test some longs, closer to the 200-day moving average."
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