Daily ETF Roundup: Stocks Nosedive, VXX Spikes and XLP Tumbles

U.S. equities took a steep nosedive today, marking their biggest one-day drop of the year. Investors’ anxiety of Fed tapering nearly reached a boiling point today after the Fed hinted yesterday that the central bank may scale back its massive bond-buying program later this year. Adding to tensions, China’s HSBC Flash Manufacturing PMI came in well below expectations, falling deeper into contractionary territory and to a nine-month low [see The Cheapest ETF for Every Investment Objective]. Global Market Overview: Stocks Nosedive, VXX Spikes And XLP Tumbles As Fed fears heightened, all three major U.S. equity indexes tumbled to close in negative territory. The Dow Jones Industrial Average ETF shed 2.32% after its underlying index tumbled 353.87 points, marking its first over-300 point drop since last November. The S&P 500 ETF fell 2.48%, while the tech-heavy Nasdaq ETF lost 2.45%. In Europe, markets also took a steep hit following Bernanke’s commentary; the Stoxx Europe 600 slumped 3.0%. Meanwhile, [...] Click here to read the original article on ETFdb.com. Related Posts: Daily ETF Roundup: VXX Spikes On BOJ Worries, KBE Slumps Daily ETF Roundup: VXX Spikes On Fed Concerns, XLB Tumbles Daily ETF Roundup: XLP Rallies Alongside Consumer Staples, INDY Pops Daily ETF Roundup: Dow Tumbles, Posting Worst One-Day Drop In 2013 Daily ETF Roundup: Stocks End Week On High Note