Read? History repeat itself. Oct 2014 Market Crash???
[NEW YORK] The S&P 500 and Nasdaq on Friday posted their largest weekly declines since May 2012 and the Dow turned negative for the year, led down by technology stocks after a chipmaker warned of a major pullback in the industry.
The S&P closed at its lowest level since late May and right at its 200-day moving average, a key technical indicator it has not breached since late 2012. The moving average also coincides with an intraday low hit early in August.
The week's selloff had various catalysts, analysts said, though none were new to the market. Some pinned the slide to concern about the Federal Reserve's imminent ending of its asset purchases stimulus, as well as worries about weak economic growth, especially in Europe, and its effect on US earnings.
Underscoring the headwind that Europe is becoming for economic growth, Standard & Poor's on Friday lowered France's credit outlook. The negative action comes after a week of weak data out of Germany, the continent's largest economy.
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