US stocks fell on Friday, closing the week of their slump that sent the Dow Jones Industrial Average into correction territory as the fear of the Chinese economy and global growth has triggered a massive selloff.
Major US indices posted a massive selloff in one day and this is their biggest weekly decline in nearly four years.
Senior analyst at Nasdaq Advisory Services, said that the market movement today is driven by the fear of investors, with a lot of momentum to see any weakening in the exchange.
The Dow Jones Industrial Average slumped 530.94 points, or 3.1%, to close at 16,459.75, making the blue chip index down more than 10% from their record closing high in May, broadly meet the definition of the justification for the statement of correction. The index fell by 5.8% on a weekly level.
The S & P 500 fell 64.84 points, or 3.2%, to settle at 1,970.89, falling below the 2,000 level for the first time since February. Shares of consumer needs and technology companies suffered the biggest blow. The index fell by 5.8% for the week, it was the fall of the deepest since September 2011. The Dow and Nasdaq are both experiencing the biggest weekly decline since September 2011.
The Nasdaq index fell 171.45 points, or 3.5%, to 4,706.04, and fell by 6.8% on a weekly level, this is the biggest weekly decline since August 2011.
Selling pressure on Wall Street come from bad data from China, which led to turmoil in the markets of Asia and Europe and renewed by the fall in oil prices. Stocks on Wall St increasingly falls on the exchange after WTI oil prices slipped below $ 40 / barrel for the first time since February 2010 in response to concerns over global demand and the high number of supply.
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