The Day Nothing Worked: 499 Down Stocks and the Oversold Thesis
- Breadth in the S&P 500 on Tuesday was worst since August 2011
- Morgan Stanley: oversold conditions in stocks say to buy
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Tuesday battered U.S. equity bulls like few days before it, with 499 of the Standard & Poor’s 500 Index’s members falling and 24 of 24 industries losing more than 1 percent.
Breadth was worse in the 502-stock S&P 500 than any day since August 2011, when 500 shares declined, according to Jonathan Krinsky of MKM Holdings LLC. Those are the only two instances of losses that widespread going back to 1996, Krinsky’s study shows.