The Dow ended the day almost flat, which brings its weekly decrease to 2.77 percent. The S&P 500 ended the day up 0.01 percent, which is more or less flat. Even with the afternoon reprieve, this is the seventh weekly loss for the broad index, the most because 2001.
After an appealing start to morning trading, the significant stock indexes turned dramatically unfavorable Friday with the S&P 500 tumbling into bearishness area and the Dow Jones Industrial Average setting up for the longest streak of weekly losses given that the Great Depression.And then stocks reversed again, to end the day mainly flat.
The Dow ended the day nearly flat, which brings its weekly decrease to 2.77 percent. This was eighth successive weekly loss for the index. That is the longest losing streak because 1932.
The S&P 500 ended the day up 0.01 percent, which is basically flat. Even with the afternoon reprieve, this is the seventh weekly loss for the broad index, the most because 2001. For breif time today, the S&P was down 20 percent from recent highs, the official marker for a bearishness. The afternoon rally pulled it back into favorable area and above the bear-line.
Five of the eleven sectors of the S&P were up. The worst carrying out sector was consumer discretionary stocks, down 3.73 percent.
The Nasdaq Composite fell 0.3 percent.
Bond yields, which move in the opposite direction of bond costs, were down, indicating that financiers were paying more for the security of U.S. federal government securities. The yield on the 10-year Treasury bond fell 0.076 points to 2.788 percent.
Financiers are scared by the unfavorable effect inflation has had on the profits of major sellers like Walmart and Target and the prospect that the Feds interest rate hikes might fall the economy into an economic crisis. The threat of stagflation– low growth with high inflation– is looming larger in the minds of numerous financiers.
This material was originally released here.