: Dow drops more than 1,100 points in 4 days to fall back below key chart level
The Dow Jones Industrial Average DJIA slumped 422 points, or 1.3%, in midday trading, and have now tanked 1,105 points in four days, as investors express concern over the health of the banking sector after recent failures. The selloff, which started after the Dow closed at an 11-week high on April 28, has taken the Dow back below its 50-day moving average (DMA). The last time the Dow closed below the 50-DMA, which many chart watchers view as a short-term trend tracker, was March 30. The 50-DMA currently comes in at about 33,073, according to FactSet. Another key chart level to watch is the 200-DMA, which many view as a dividing line between longer-term uptrends and downtrends; it currently comes in at about 32,707. The last close below the 200-DMA was March 24.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.