The Dow closed down more than 200 points, hitting a record ninth day of losses.
At 4:04 p.m. ET, the $Dow Jones Industrial Average (.DJI.US)$ closed off 267 points (0.61%) to 43,449, falling for a record ninth consecutive day. The last time the index endured this losing streak was in 1978. Rewind four weeks ago and the Dow closed above 45,000 for the first time ever in early November.
The $Nasdaq Composite Index (.IXIC.US)$ was 0.32% lower to 20,109 and the $S&P 500 Index (.SPX.US)$ was down 0.39% to 6,050.
It was a good day for $Teva Pharmaceutical Industries (TEVA.US)$ as its shares soared more than 26% in afternoon trading; the stock notched a new 52-week high during the day, moving it toward its best day since July 27, 2022, with its 28.4% rise. The strong day came on news that the company’s joint antibody treatment with $Sanofi (SNY.US)$ showed strong test results in a Phase 2b study. After the announcement, Sanofi’s shares jumped 7%.
$Quantum Computing (QUBT.US)$ jumped more than 38%, hitting a new 52-week high. The soar comes after the company was awarded a prime contract by NASA’s Goddard Space Flight Center.
Cocoa prices soared to new high on Tuesday. Year-to-date, the contract is up 180%.
The Canadian dollar dropped to its lowest point against the dollar in more than four-and-a-half years, after Finance Minister Chrystia Freeland resigned, leaving the government close to collapse.
Next up on Wednesday: It’s Fed Day. Will they or won’t they cut the Fed Rate by 0.25%?
