Birmingham-area stocks suffer big losses
The stock market’s September swoon continued Tuesday and stocks across the board plummeted, including most on our Birmingham and Alabama Stock Report.
Community Health Systems had the heftiest loss at -4.9%, but chunky declines were aplenty: Medical Properties Trust (-4.5%), Amazon (-4%), Encompass Health (-3.3%), Regions (-2.5%) and ProAssurance (-2.3%).
Warrior Met Coal had the only increase on our list at .4%.
Overall, Wall Street’s ugly September got even worse Tuesday, as a sharp drop for stocks brought them back to where they were in June.
The S&P 500 tumbled 1.5% for its fifth loss in the last six days. The Dow Jones Industrial Average dropped 388 points, or 1.1%, and the Nasdaq composite lost 1.6%.
September has brought a loss of 5.2% so far for the S&P 500, putting it on track to be the worst month of the year by far, as the realization sets in that the Federal Reserve will indeed keep interest rates high for a long time. That growing understanding has sent yields in the bond market to their highest levels in more than a decade, which in turn has undercut prices for stocks and other investments.