Recall that many global markets and several sectors hit highs in April - before accumulating losses through Friday's trading.
Investors’ fearsundoubtedly grew on Friday as markets around the world continued to drop.
a) Most major European indices closed at anywhere between 2-month and 12-month lows. Benchmark indices in France (down 17%), U.K. (down 12%), and Germany (down 10%) had all entered correction territory, falling double-digits from their recent April highs. In Spain and Portugal, the bears were officially out in full force, as the markets in both of those countries were down 21% from their highest levels last month.
b) Meanwhile, U.S. markets capped their worst week in over a year with the Dow 7%, the S&P nearly 9%, and the Nasdaq 10% (in correction mode) from their highs just 2 weeks earlier.
But following the announcement of the EU and IMF’s $1 trillion European emergency fund, the market reaction today in Europe and here in the U.S. has been strong.
With the sharp bounce in today's trading alone, the Dow as well as benchmark indices in Spain and Ireland have each recovered at least 50% of their recent losses. Additionally, France and Germany are both just slightly shy of recovering half of their recent losses too.
Global Stocks Bounce Bank(% of Recent Losses Recovered)
U.S. Markets
Dow Industrials 51%
S&P 500 46%
Nasdaq Composite 40%
Russell 2000 36%
Latin America Markets
Mexico 33%
Brazil 32%
Europe Markets
Ireland 57%
Spain 53%
Germany 49%
France 49%
Italy 45%
Portugal 41%
U.K. 38%
Additionally, several “high beta” sectors in the U.S. have recouped a good portion of their recent losses too:
Industrials 52%
Consumer Discretionary 45%
Techs 43%
Financials 42%
Materials 37%
Energy 33%
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