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Dow Plummets -1,000 Points and Oil Crashes To $30's - All in One Week!

 

23 Aug 15

 

***** COUNTDOWN TO SHEMITAH! 
Several records were broken on Friday with back-to-back drops; Apple loses billions entering into 'bear market, Netflix loses billions and China continues to devalue their Yuan while slumping in 6.5 year lows. Will stock close globally? What about your 401K?

 
Crude Oil suffering major crash and more!

 

Stock Market: Dow Plunges 530 Points and More Than 1,000 for the Week

Stocks were clobbered Friday on Wall Street — a brutal finish to the worst week in the market in four years. The Dow Jones industrial average closed down 530 points, the ninth-biggest point decline in its history.

Investors worried about signs of a slowdown in the Chinese economy that could hammer companies and countries around the world. The stock of Apple, which depends heavily on demand from China, fell more than 6 percent.

The Dow finished at 16,459. It fell more than 1,000 points this week alone and is down more than 10 percent from its all-time high in May — the definition of a market correction. That has not happened in four years.

The Dow's decline for the day came to 3.1 percent. The Standard & Poor's 500 index, a broader gauge of the stock market, finished down 3.2 percent and closed below 2,000 for the first time since early this year.

"Right now there is a feeling of fear in the marketplace, and all news is interpreted negatively and it's interpreted indiscriminately," Tom Digenan, the head of U.S. equities at UBS Global Asset Management, told CNBC.

In percentage terms, the decline on Friday was nowhere close to the worst of all time. On Black Monday in 1987, when the Dow fell 508 points, it represented a 22 percent decline.

The damage on Friday wasn't limited to Apple. John Deere stock fell more than 8 percent and Microsoft more than 5 percent. Energy stocks and technology stocks were hammered across the board.

Utility stocks, seen as a relatively stable bet in a rough market, fared the best, but even they were down more than 1 percent.

There was some good news in the sell-off: The price of crude oil plunged below $40 a barrel for the first time since the financial crisis in 2009. Gas has already fallen to a nationwide average of $2.63 a gallon — 80 cents lower than a year ago

Stocks began falling last week when China announced that it was devaluing its currency, the yuan. Investors took it as a signal that the slowdown in the Chinese economy, the second-largest in the world, is worse than they had thought.  READ MORE

 

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