The stock market selloff hit pause Friday, but the Dow Jones Industrial Average couldn’t avoid its longest weekly losing streak in nearly a century.
(INDU) ended Friday nine points higher but finished the week down about 3%.
This was its eighth-straight weekly loss, the longest weekly losing streak since 1923, according to FactSet data reviewed by LPL Financial.
The long stretch of losses underscores the negative mood on Wall Street as investors grow nervous about high inflation – and what the Federal Reserve will have to do to get prices under control.
The broader S&P 500 posted its seventh-straight weekly loss, which its the longest such slump since March 2001, according to Bespoke Investment Group. The S&P 500 briefly entered bear-market territory Friday, a 20% drop from the all-time high it reached in January.
“From inflation, to a hawkish Fed, to war, to supply chain issues, to China on lockdown, to a slowing economy, there are many reasons stocks have done as poorly as they have recently,” LPL Financial’s Ryan Detrick said in an email.
Detrick said the silver lining is that history suggest stocks are oversold.
“If we get any good news, a big bounce back rally is likely,” he said.