All week, investors fretted over the S&P 500's descent towards bear market, and those fears were legitimized Friday when the index officially -- but briefly -- moved more than 20% below its January record highs. Similarly, the Dow logged a flat day, losing a paltry 8 points, while the Nasdaq turned in a slight loss. Anxieties of a possible recession have weighed heavily on sentiment recently, which has pushed the Dow to an eight-week losing streak, while the S&P 500 and Nasdaq finished lower in the last seven. Due to the volatility, Wall Street's "fear gauge," just broke out of a two-week slump.
The Dow Jones Average (DJI - 31,261.90) added 8.8 points, or 0.03% today, and lost 2.9% this week. Cisco Systems (CSCO) led the list of 16 Dow gainers after turning in a 2.9% pop, while Boeing (BA) lost 5.1% to pace the laggards.
The S&P 500 Index (SPX - 3,901.36) gained 0.6 point, or 0.01% for the day, while the Nasdaq Composite (IXIC - 11,354.62) lost 33.9 points, or 0.3% for the session. The indexes erased 3% and 3.8%, respectively, in the last five days.
Lastly, the Cboe Market Volatility Index (VIX - 29.43) rose 0.08 points, or 0.3% today, and 2.2% for the week.
GOLD SNAPS FOUR-WEEK LOSING STREAK
Oil prices changed little over the course of the week, adding 2.5% after Friday saw crude rise as demand concerns stemming from the EU's ban on Russian oil were balanced with slowing economic growth. For the session, July-dated crude gained 39 cents, or 0.4%, to settle at $110.28 per barrel.
Gold futures snapped a four-week losing streak -- their worst in nearly four years -- on Friday after booking a 1.7% pop over the last five days. Investors flocked back to Treasuries and the U.S. dollar for shield from Wall Street's tumultuous trading. Still, gains were modest, with June-dated gold adding 90 cents, or just under 0.1%, to settle at $1,842.10 an ounce today.
Comments
Log in or sign up to join the conversation.