Stocks plunged on Friday, with the Dow Jones Industrial Average suffering its worst one-day loss since the throes of the pandemic, as the latest raft of corporate earnings and the prospect of rising rates spurred a wave of selling.
The Dow fell 981.36 points, or 2.8%, to 33,811.40. The S&P 500 was 2.8% lower at 4,271.78, for its worst day since March. The Nasdaq Composite declined by 2.6% to 12,839.29. Friday’s loss was the biggest for the Dow since Oct. 28, 2020.
UnitedHealth fell more than 3%, shaving more than 100 points off the Dow. Caterpillar also took out nearly 100 points from the 30-stock average, dropping 6.6% on the day. Goldman Sachs, Home Depot and Visa were also big downside contributors.
Those losses put the Dow down 1.9% for the week, its fourth straight weekly decline and its ninth losing week of the last 11. The S&P 500 posted a 2.8% weekly loss, marking its third straight one-week decline. The Nasdaq was the laggard this week, losing 3.8%.
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Will uninspiring STI follow Uncle DOW big fall on Monday?
How many will panic selling or shorting?
Posts
CW,
ReplyDeleteWell, its a toss-up battle between those:
1) Who are buying the dip to profit when STI bounced back up to 3450.
2) Those who are selling into the dip as they believe STI will dive back down to the March lows of 3150.
Place your bets on Monday!
Or stand on the sidelines, as always, if you are Buy-and-Hold forever and Yield Hogs ;)
Didn't see panic or blood on the streets yet. No panic headlines on broadsheets yet.
DeleteUncle8888,
ReplyDeleteNibbled a bit on Fri night. May nibble a bit more this week :P
US stocks likely to be in volatile range bound for the rest of 2022. With a good chance of a big drop in Sep-Oct lol.
Old school SG stocks should do better in 2022.