July 26, 2007 at 11:00 am by Tom Lydon
The Dow Jones industrial average took a dive today and brought exchange traded funds (ETFs) down with it. It marks the second biggest drop of the year as the Dow dropped more than 300 points. Possible factors in the drop include continuing housing market troubles, rising energy prices, the declining value of the dollar, disappointing earnings report results and credit concerns.
The Russell 2000 Index and the ETF that tracks it iShares Russell 2000 Index (IWM) also suffered from the market’s decline. Small-cap stocks fell below their trend lines (200-day moving average), as shown in the chart below.
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