Worst week for S&P 500, #Nasdaq since May 2012 – bear market looming? #US #indices fell sharply again on Friday, as benchmark indices fell for a third marking the worse week for the S&P 500 and Nasdaq in over two years. One of the main reasons for the current sell-off is down to valuations, as the #Fed tightens monetary policy and Eurozone growth falls the market is trying to decide whether these valuations are fair. Given the current global economic picture, valuations are not fair which is one of the main reasons; for the current market correction which could extend further if data continues to disappoint. After rising as much as 98 points in the early going, the #DowJones Industrial Average dropped 115.15 points, or 0.7 percent, to close at 16,544.10. Down 3.1 percent on the week, and up 3.1 percent for the year, the S&P 500 dropped 22.08 points, or 1.2 percent, to close at 1,906.13. The Nasdaq declined 102.10 points, or 2.3 percent, to close at 4,276.24, leaving it off 2.3 percent on the week and up 2.4 percent on the year. #Trade the #fx news smarter with cwmfx/
Posted on: Mon, 13 Oct 2014 14:15:00 +0000
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