DOW, S&P CLOSE LOWER IN BIGGEST REVERSAL SINCE OCT. 2008

25-Aug (CNBC) — U.S. stocks closed lower, after a failed attempt to rally from the Dow’s worst 3-day point decline in history, as investor confidence waned amid continued concerns about China and global growth. ( Tweet This )

The Dow Jones industrial average and the S&P 500 closed about 1.3 percent lower after rallying nearly 3 percent earlier, their biggest reversal to the downside since Oct. 29, 2008. The S&P 500 remained in correction territory after falling there on Monday. The index also posted its first six-day losing streak since July 2012.

“That crash (Monday) was so big and so long since we had one (investors) don’t want a repeat of 2008 so they bail out,” said Lance Roberts, general partner at STA Wealth Management.

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