Monday, August 24, 2015

What Happened on Friday?

Friday was a disaster day on Wall Street, especially for the Dow Jones industrial average. The Dow lost 3.1 percent on Friday alone, sending it down to 10.1 percent off the high it set back in May. That puts the index officially into correction territory.

In addition to the Dow, the S&P 500 and and the Nasdaq indexes also had their worst single-day percentage declines since 2011 on Friday, although the other two indexes aren't in correction territory - yet. Indexes in France, the Netherlands, Spain and Belgium are also now officially in correction, down more than 10 percent from recent highs.

The carnage could also been seen at the level of individual stocks. Among the S&P 500 companies, 492 of them lost value on Friday. Some 328 have dropped 10 percent to be in correction, and 147 have fallen 20 percent from recent highs, putting them in bear-market territory.

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