There was a 400-point reversal in the Dow Jones Industrial Average on Tuesday. The Dow is swinging again between big gains and losses on Wednesday.
This comes during a month when the Dow has had seven days where it rose or fell more than 200 points on the day, including Wednesday. Most of that action has been to the downside with the Dow down 5 percent in October.
Dow drops by more than 250 points.
Stocks fell in volatile trading on Wednesday as losses in tech and AT&T shares outweighed a post-earnings bounce in Boeing.
The Dow Jones Industrial Average declined 61 points as United Technologies and Disney lagged. The 30-stock index had fallen more than 250 points at its session lows.
Facebook and Alphabet both fell more than 0.5 percent, while Apple slipped 0.8 percent. AT&T, meanwhile, dropped more than 6.5 percent after releasing its quarterly results.
Equities were also pressures by a decline in housing stocks. The SPDR S&P Homebuilders ETF (XHB) dropped 0.5 percent after the Commerce Department said new home sales hit a near two-year low.
“The housing numbers were not good,” said JJ Kinahan, chief market strategist at TD Ameritrade. “There’s a lot of uncertainty heading into the end of the year. It just feels like people feel more comfortable spending short-term rather than long term.”
Bank shares, meanwhile, fell broadly as interest rates pulled back. The SPDR S&P Bank ETF (KBE) dropped 2.2 percent. Shares of J.P. Morgan Chase and Citigroup both pulled back more than 0.7 percent. Bank of America’s stock dropped 1.5 percent.
Investors have been grappling with increasing market volatility of late. The Cboe Volatility Index (VIX), widely regarded as the best gauge of fear in the market, traded at 22.28 on Wednesday and is up more than 83 percent this month.
The Dow recovered most of a 500-point decline on Tuesday. At its session lows, the Dow had fallen 548.62 points, while the S&P 500 and Nasdaq had lost more than 2 percent each on Tuesday.
Still, the 30-stock Dow has lost more than 450 points this week.