The Dow Jones index suffered its eighth consecutive weekly decline, the longest since 1932, during the Great Depression.
The index opened the day higher, and ended it positive at 0.03%, at 31,261.90 points. However, it lost 2.9% for the week.
That’s 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 S&P500 and Nasdaq posted their seventh straight weekly loss, the longest streak of losses since the dot-com bubble ended in 2001. The S&P500 spent most of the trading session in negative territory, and at one point retreated just over 20%. from the closing record it hit on Jan 3, before ending down 18% from that level and stable for the day.
The tech-focused Nasdaq has lost about 27% from its closing record set in November 2021.
“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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