Dow Jones Industrial Average Approaches 2018 Low, Again: Chart

(Bloomberg) -- The Dow Jones Industrial Average is down 12.1 percent since closing at an all-time high on Oct. 3. That has the blue-chip index within a one percent drop of once again testing its intraday year-to-date low of 23,344. A “dovish hike” from the Fed could provide support, according to Bloomberg Intelligence’s Gina Martin Adams and Peter Chung. “Stocks appear to see a 2 percent two-year Treasury as the true neutral rate for policy, but further yield declines could go a long way to stabilizing price-to-earnings multiples,” they wrote.

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