Stock Market Scratches Seven-Year Itch
By Mark Gongloff
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Well, we did it — we just wrapped up the first five-week losing streak for the stock market in seven years.
It could have been worse – the Dow will likely end the day down less than 100 points, or less than 0.8%. At its worst today, it was down 144.
But the internals, as it were, did not look good. Sectors that could be called forward-looking fell hard. The Nasdaq ended down nearly 1.5%, and the small-cap Russell 2000 fell more than 1.5%.
Worse, the Dow transports fell 1.7%. The industrials make, the transports take, remember.
If there was a bright spot, it was the energy sector, which was up a bit on the day. Every other S&P 500 sector was lower, and usually by a lot.
Thus endeth the worst week for the stock market since last August, just ahead of Ben Bernanke’s Jackson Hole rescue. Another such rescue is not likely forthcoming any time soon.
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