Dow Suffers Worst Week Since October 2008
The Nasdaq Composite closed in bear market territory today
The Dow once again erased intraday gains to finish lower, ultimately collecting its third straight daily loss. The blue-chip index explored a range of over 858 points today, with losses accelerating in the afternoon as the prospect of a government shutdown loomed large ahead of the weekend. The Nasdaq Composite, meanwhile, closed in official bear market territory, down more than 20% from its Aug. 29 closing high -- and both the Nasdaq and Dow were hit with their worst weekly drops since the fourth quarter of 2008. Meanwhile, the S&P 500 swallowed its biggest weekly decline since August 2011.
Continue reading for more on today's market, including:
Apple stock just logged its worst close in over a year.Perrigo calls hot after Irish tax woes.Plus, Facebook stock hit with another downgrade; rare bear notes for Altria; and a retail stock to sell immediately.
The Dow Jones Industrial Average (DJI - 22,445.37) ended 414.2 points lower, or 1.8%. It touched an annual low of 22,396.34. Of the 30 Dow components, only three closed in the black, led by apparel giant Nike (NKE). Goldman Sachs (GS) paced the 27 decliners with a 5% drop. For the week, the Dow shed 6.9% to mark its worst week since October 2008.
The S&P 500 Index (SPX -2,416.58) gave back 50.8 points, or 2.1%, after falling to an annual low of 2,408.55. It lost 7.1% on the week. The Nasdaq Composite (IXIC - 6,332.99) dove 195.4 points, or 3%, and set its own fresh annual low of 6,304.63. It lost 8.3% for the week -- its worst since November 2008.
The Cboe Volatility Index (VIX - 30.11) ended the day up 1.7 points, or 6.1%. It logged a 39.2% weekly advance, its best since October.
5 Items on our Radar Today
Consumer spending in the U.S. rose by 0.4% in November, beating analysts' estimates of 0.3%. In addition, October's figure was upwardly revised to 0.8%. However, wage growth remains stagnant, indicating that the current rate of consumption will eventually taper off. (Reuters)Another marijuana stock could soon be on investors' radar. Canadian-based cannabis company Hexo Corp has filed to have its shares listed on the NYSE America exchange, under the ticker symbol "HEXO." Over-the-counter traded Hexo shares have shed roughly half of their value in the past three months. (MarketWatch)The bear notes just keep coming for Facebook stock. Tobacco stock Altria was slapped with its first "sell" notes in a year.The sell signal that says ditch this retail stock immediately.
Data courtesy of Trade-Alert
Oil Logs Worst Week Since 2014, Gold Gains
Oil futures fell today, settling at their lowest point since July 2017 after the Baker-Hughes rig count registered its biggest weekly jump since early November. February-dated crude futures shed 29 cents, or 0.6%, to finish at $45.59 per barrel. For the week, black gold gave back 11.4%, marking the biggest weekly drop for a most-active contract since December 2014.
Gold futures settled lower today as well, as the U.S. dollar rose in the face of a likely government shutdown. February-dated gold futures shed $9.80, or 0.8%, to settle at $1,258.10 an ounce. For the week, though, gold added 1.4%.