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U.S. equities fell sharply Thursday as investors digested a massive global sell-off and oil prices fell further.
The Dow Jones industrial average fell nearly 400 points at session lows, as Boeing and Goldman Sachs weighed the most on the blue chips index. In midday trading, the index held about 340 points lower.
"I think you're in a situation where the market is in deeply oversold levels. ... At some point, it's got to bounce," said Adam Sarhan, CEO of Sarhan Capital. "But make no mistake about it, the overall trend is down."
The S&P 500 dropped more than 1.5 percent, as financial fell about 3 percent. The financial sector was on track for its first five-day losing streak since August. At session lows, S&P tested its Jan. 20 intraday low of 1,812.29 when it hit 1,812.82.
"There's a chance we break below the 1,800 level, and then the next level to watch is 1,775," said Peter Cardillo, chief market economist at First Standard Financial. "I think we could see a bounce there. Otherwise, we're in trouble."
The Nasdaq composite fell 0.7 percent, as biotechnology stocks and several technology stocks fell. The index was also less than percent away of entering bear market territory on an intraday basis.
"I think there's just tremendous wealth destruction going on," said Randy Warren, chief investment officer at Warren Financial Service. "Unless sovereign wealth funds are done selling, we're not going to see a respite."
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