S&P 500 slips below 50-DMA on tensions in Saudi

By Varinder Bansal, Research Analyst at CNBC-TV18

The S&P 500 slipped below 50-DMA for the first time in more than three months on back of ongoing tensions in Saudi and barrage of global bad news on Thursday. Selling was seen in commodities as well. The Dow Jones Industrial Average ended down 229 points at 11,985. The Nasdaq Composite was down 51 points at 2,701 and S&P 500 Index fell 25 points at 1,295 ((one-month low of 1294 remained intact till now)). US Declining Sectors: Energy fell 3.6%, Materials lost 2.2%, Financial declined 2.1%, Tech tanked 2% and Industrials slipped 2%. Asian markets opened lower; Nikkei was down 0.8% and Hang Seng down 0.5%. Kospi and Taiwan were down over 1%. Shanghai plummeted 0.5%. European markets hit the lowest closing level in 2001: CAC was down 0.75%, DAX down 1% and FTSE down 1.55%. CBOE VIX ended up 2% at 20.22. Global news China reports surprised USD 7 billion trade deficit