All the major indexes sunk today, destroying any hope that the markets could see gains this week. The S&P 500 fell 2.38%, the Dow dropped 1.9%, the Nasdaq dropped 2%.
Volume was big and the declines broad. At the NYSE, losers outnumbered gainers by 2 to 1. On the Nasdaq, it was 3 to 1 for the decliners.
Volume was big and the declines broad. At the NYSE, losers outnumbered gainers by 2 to 1. On the Nasdaq, it was 3 to 1 for the decliners
Are you curious what drove the markets this week? Here’s our best explanation: the aggregate behaviour of buyers and sellers of equities listed on the major indexes produced this result.
The Dow and S&P have declined for four weeks in a row. The total decline in the Dow so far this year: 8.84%. The S&P dropped 8.5%. In the 20 trading days of January, stocks declined on all but 8 of them. Finally, January is over.
Here’s the good news: February is a very short month. There are only 19 trading days. Even if stocks continue to decline every week, we probably won’t have as many down days as we’ve had in January.