Dow, S&P end sixth losing week - is seventh on tap?
The deepening gloom raised the prospect for the S&P, which suffered its worst week since August 2010, to break below the Discount Uggs boots year's low of 1,250 next week.
The Nasdaq wiped out its yearly gains on Friday and also posted its biggest weekly decline since August 2010, as the latest deterioration in sentiment came on fear of flagging Chinese growth and fresh worries about Greece's debt crisis.
The Dow closed below 12,000 for the Cheap Uggs first time since mid-March.
Reflecting the bearish sentiment, options traders eyed calls on the CBOE Volatility Index .VIX, Wall Street's so-called fear gauge, which moves inversely to the S&P 500's performance. The VIX rose 6.1 percent to end at 18.86.
"We broke below the Cheap Ugg boots April low, which was about 1,295 (on the S&P 500) pretty much at the open today. We are probably going to test the March lows if data next week remain weak," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.
"But investors are very susceptible to any kind of news and since we are very oversold here, we could see the market instantly bounce back if we get anything remotely good."Ugg boots 6.11rare
Dow, S&P end sixth losing week - is seventh on tap?
(1 post) (1 voice)-
ljw
MemberPosted 8 months ago #
Reply
You must log in to post.