The stock market selloff has put the Dow Jones Industrial Average on track for its longest streak of weekly losses in nearly a century.
After opening the day higher, the Dow turned negative and dropped about 270 points, or 0.9%, in recent trade. The Dow is down nearly 4% so far this week.
If the Dow ends the week in a decline — which seems like a certain fate — it will be the eighth consecutive weekly loss.
That would be the longest weekly losing streak since 1923, according to FactSet data reviewed by LPL Financial.
The long period of losses underscores the negative mood on Wall Street as investors grow nervous about high inflation — and what the Federal Reserve will have to do to keep prices in check.
The broader S&P 500 is on track for a seventh straight weekly loss, which would be the biggest drop since March 2001, according to the Bespoke Investment Group.
“From inflation, to aggressive Fed, to war, to supply chain problems, to China on lockdown, to a slowing economy, there are many reasons why stocks have fared as poorly as they have recently,” said Ryan Detrick of LPL. Financial, in email.
Detrick said the upside is that history suggests the stock is oversold.
“If we get good news, there is likely to be a big recovery,” he said.
Source: CNN Brasil
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