Worst Start to a Year Ever
Director of Market Data & Content Services, CBNC
Yesterday's 250 point sell-off in the Dow was the sixth day in a row of losses, the longest losing streak since October 10, 2008 when the Dow lost 22% over an eight day stretch. Since the start of the year, the Dow is down 6.6%, its worst Jan 1 - Jan 14 stretch ever.
The Dow and S&P 500 are having their worst open to a New Year ever.
- The Dow is down 6.6% YTD. The Dow has only been down more than 6% through the 14th of January only once before, in 1978 when it was down 6.38%.
- The S&P 500 is down 6.7% YTD. The previous record through Jan 14 was a drop of 5.7% set in 1982
- The NASDAQ is down 5.5% YTD, its second worst open to a new year. It was down 6.6% for the same period in 2008.
- Read See Ya, Santa!
Over the past 6 days the Dow has fallen 9%. While this is only half the time of the longest losing streaks in the Dow (12 days), it is one of the steepest drops. The table to the right has the biggest losing streaks ever for Dow.
With the surprising news from Apple yesterday and despite better than earnings from JP Morgan Chase , the futures are pointing toward a seventh consecutive down day. Weighing on the Dow in the premarkets this morning are Alcoa , Bank of America , General Motors , and JP Morgan Chase.
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