Stocks Are Falling Again
After opening in positive territory, stocks have quickly turned negative, and near 9:50 am ET, the Dow was down 66 points, the S&P 500 was down 8 points, and the Nasdaq was down 22 points.
The big news on Thursday comes out of Europe, where the Swiss National Bank unexpectedly abandoned its currency targeting against the euro, sending foreign exchange markets into a frenzy.
The price of oil was also bouncing all over the place, spiking violently higher before reversing, though West Texas Intermediate crude prices are still about $4/barrel higher than they were just a few days ago.
In stock news, shares of Best Buy are falling after the company gave a worse-than-expected earnings outlook, while Target shares were higher after the retailer announced plans to exit Canada.
On Wednesday, stocks in the US finished lower for the third time this week and the fourth straight trading day.