U.S. Stocks Decline on Ukraine Tensions, Europe Economy

[Purveyor]

By Callie Bost and Lu Wang Oct 1, 2014 11:02 AM ET

U.S. stocks declined, with the Russell 2000 Index approaching a correction, amid signs of economic weakness in Europe and increased tensions in Ukraine.

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The Standard & Poor’s 500 Index lost 0.6 percent to 1,959.66 at 10:58 a.m. in New York, after briefly falling below its average price for the past 100 days. The Russell 2000 of smaller companies lost 0.6 percent. The gauge is 9.4 percent below a record reached in March. The Dow Jones Industrial Average dropped 152.22 points, or 0.9 percent, to 16,890.68. Trading in S&P 500 companies was 37 percent above the 30-day average for this time of the day.

“The headwinds have come to the forefront and investors are starting to recognize that,” Randy Bateman, chief investment officer of Huntington Asset Advisors, which manages about $2.8 billion, said by phone. “You’ve got a whole bunch of geopolitical situations and you have concerns about economic weakness. We’ve always relied on the Fed priming the pump. This is the month the pump dries up so now people are focused on these other issues.”

The S&P 500 has fallen three straight days and is down 2.6 percent since closing at a record on Sept. 18. The index added 0.6 percent last quarter, its seventh gain and longest streak since 1998. The gauge has not fallen four straight days this year, and has not slid more than 10 percent in three years.

more...

http://www.bloomberg.com/news/2014-10-01/u-s-stock-index-futures-little-changed-before-jobs-data.html

[badtoworse]

1. We're overdue for a correction, so I lightened up on equities in July.

If and when it happens, I'll be buying back in.