Stocks struggled during the short holiday week and finished at lows not seen since April.
The major indices were sharply lower on Monday, sliding throughout the day.
Tuesday wasn’t much better. After a big gap lower, stocks closed at the lowest level since May.
But on Wednesday, there was a slightly different mood. It looked like traders were in the holiday spirit, after a higher open and rally. But a sell-off in the afternoon erased a large part of the early gains.
Markets were closed on Thursday for Thanksgiving. And on Friday, U.S. exchanges were open for a half day of trading.
The day after Thanksgiving is typically quiet, but stocks were more active than normal. The major indices opened lower and rallied. But the rally was all for show, as stocks finished the short day near session lows.
It was the worse Thanksgiving week since 2011. With this week’s losses, the S&P and DOW are in negative territory for the year. The NASDAQ clings to a small yearly gain, up just 0.5% after being up as much as 17.8% near the end of summer.
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Here’s where the major indices ended the week:
- The S&P finished with a 3.8% loss. Down 104 points, the S&P ended at 2,633.
- The DOW ended lower by 4.4%. Dropping 1127 points, the DOW closed at 24,286.
- The NASDAQ was down 4.3%. Losing 309 points, the NASDAQ finished at 6,939.
- Bitcoin finished lower by 22.1%. Down $1185, Bitcoin ended at $4,185.
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Crude Oil (CL) experienced its worst weekly drop since 2011. Down 11.2%, CL ended at $50.39 a barrel. Crude Oil has lost almost 35% since October.
With Friday’s close, the S&P is in “correction territory”, down 10.2% from October’s high. This is the 2nd time the S&P has entered correction territory (down 10% from its recent high) this year. And according to research firm CFRA, this is the first time since World War II that the S&P has experienced two corrections in the same calendar year.
Apple (AAPL) had its worst week in over 2 years. Down 11.0% last week, Apple has lost 21% since reporting earnings November 1st.
Facebook (FB) had a rough week as well, losing 5.6%. The stock is down 39.7% since highs were made in July.
Holiday sales will be in the spotlight this week. Black Friday set new records for online sales, up 23.6% from last year. CyberMonday is expected to bring in new records as well.
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Source: RockwellTrading by Markus Heitkoetter | Original Link