Thanks Barack… Dow Plunges For 6th Week in a Row – Worse Drop Since Dot.com Bust
Worst. President. Ever.
The Dow dropped another 172 points today.
U.S. stocks plunged 172 points on Friday for the sixth straight weekly loss — the longest losing streak since the fall of 2002. The market’s last seven-week stretch of losses began in May 2001, as the dot-com bubble deflated.
Stocks closed near session-lows Friday with the Dow falling below the 12,000-mark to finish lower for the sixth-consecutive week amid further signs of a global economic slowdown.
The Dow Jones Industrial Average plunged 172.45 points, or 1.42 percent, to end at 11,951.91—below the 12,000-mark, the first time since Mar. 18, 2011. This week marks the Dow’s worst losing streak since 2002.
The S&P 500 slid 18.02 points, or 1.40 percent, to finish at 1,270.98—breaking the 1,275 support level.
The tech-heavy Nasdaq slumped 41.14 points, or 1.53 percent, to close at 2,643.73. The Nasdaq is now in the negative territory for the year.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, gained 6.13 percent to close at 18.86.
For the week, the Dow declined 1.64 percent, the S&P shed 2.24 percent and the Nasdaq dropped 3.26 percent. All 10 of the key S&P sectors slipped for the week, led by techs, consumer discretionary and energy.
Maybe we need some more job-killing EPA regulations. That ought to help.