Stocks? Bad. The worst they’ve been, since, you know. The Last Time.
The Dow? Bad!
The Dow Jones industrial average surrendered as many as 1,500 points in a terrible week for the longs, and the bear market in stocks today showed no signs of letting up. The Dow slid around 0.8% Friday with an hour to go in the regular session.
Nasdaq? Bad, and officially in a bear market!
The Nasdaq is the first of the three major U.S. stock indexes to cross that threshold, with its drop in less than four months the latest sign that the bull market that began during the financial crisis a decade ago could be almost done.
The latest round of selling, which on Friday dragged the Nasdaq down nearly 3 percent, comes two days after the Federal Reserve raised interest rates for a fourth time this year, as the U.S. central bank continues to unwind the low interest-rate policy that supported stocks for nearly a decade.
Technology stocks fell Friday on continued negative sentiment about the US-China trade relationship, regulation and a general adversity to risk. Facebook (FB) slumped 6%, Apple (AAPL) declined 4%, Twitter (TWTR) lost 7% and Netflix (NFLX) fell 5%.
For the week, the Dow lost 1,655 points, or 6.9%. That’s the steepest weekly percentage loss since October 2008. The Nasdaq plunged 8.4% on the week, its worst since November 2008. And the S&P 500's 7.1% weekly loss was the worst since August 2011.
All three major indexes are down more than 12% in December. Stocks are on pace for the worst December since the Great Depression,
Oil, the Russell 2000, the Dow transports index, and stock markets in China, Italy, Germany, Japan and South Korea are all in bear markets, too.
It’s a good thing I don’t have any money to lose in the stock market right now. Happy holidays!