Stocks Give Up Gains, Again, in Roller-Coaster Trading Session

Stocks Give Up Gains, Again, in Roller-Coaster Trading Session

We just asked if the Dow could hold on to its 100-point gain. Clearly the answer was, “No.”

Just 15 minutes after the Dow was up 100 points, the blue-chip index fell sharply. It’s now down 252 points, or 0.6%. The S&P 500 is down 0.6%. The Nasdaq Composite is down 0.7%.

There wasn't much in the way of economic data driving the markets. Instead, the first day of the year has been a back and forth between bulls and bears, and it looks like the bears have finally taken a commanding lead. One exception has been Tesla, which was down 6.4% and dragging on the S&P for most of the day in the wake of its latest disappointing report on deliveries.