On a week that saw Apple surpass Microsoft in market cap, the BP oil spill continue to impact the ecosystem and drillers, Spain lose its AAA rating, and the worst May performance for the Dow since 1940, and the S&P since 1962, the major indexes managed to end the week on a positive note, except for the Dow which closed down slightly -0.56%. In spite of volatility easing back this week, with the CBOE Volatility Index declining -20.02% for the week, the "Investor Fear Guage" jumped 45.4% in May, marking its biggest monthly % increase since October 2008 when it rose 52.04%. What follows is a summary of this week's statistics on the markets.
- The Dow ended down -56.76 or -0.56% for the week, logging 2-consecutive weeks of losses.
- The S&P 500 ended up 1.72 or 0.16% for the week.
- The NASDAQ Composite ended up 28.00 or 1.26% for the week.
- The Dow finished down -871.98 or -7.92% for the month, its worst monthly % drop since 2/2009 when it fell -11.72%.
- The S&P finished down -97.28 or-8.20% for the month, its worst monthly % drop since 2/2009 when it fell -10.99%.
- The NASDAQ finished down -204.15 or -8.29% for the month, its worst monthly % drop since 11/2008 when it fell -10.77%.
Worst May % Drops Since
- The Dow posted its worst May % drop since 1940 when it fell -21.7%, and had its 6th biggest May % decline in its history.
- The S&P posted its worst May % drop since 1962 when it fell -8.6%, and had its 6th biggest May % decline in its history.
- The NASDAQ posted its worst May % drop since 2000 when it fell -11.91%, and had its 2nd biggest May % decline in its history.
Historical May Averages:
- On average, the Dow has gained 0.09% during May and an avg. gain of 1.14% during May when April was a positive month. The best May was in 1933 & worst 1940.
- On average, the S&P has gained 0.03% during May and an avg. gain of 1.57% during May when April was a positive month. The best May was in 1932 & worst 1940.
- On average, the NASDAQ has gained 1.21% during May and an avg. gain of 2.58% during May when April was a positive month. The best May was on 1997 & worst 2000.
Sector Impact: 5 out of 10 S&P sectors were positive for the week led by Consumer Discretionary stocks up almost 2% for the week. Consumer Staples was the most negative sector down over 1% for the week.
Consumer Discretionary stocks were helped by Time Warner Cableup over 7.5% for the week.
Consumer Staples were hurt by Kroger down over 5% for the week.
- MTD, 10 out of 10 sectors were negative led by Energy down almost 12% MTD. The least negative sector MTD is Telecom down almost 4%.
- YTD, 7 out of 10 S&P sectors are negative led by Telecom down almost 11% YTD. The most positive sector YTD is Consumer Discretionary stocks up over 8% YTD.
More Weekly Stats Here
Commodity Impact:Oil settled at $73.94 per barrel, and declined -11.69% for the month, marking its worst monthly % decline since December, 2008.
- Gas Prices: The AAA current national average for regular gas is $2.749 per gallon UP 12.25% from a year ago when the average was $2.449 per gallon.
- The highest recorded average price by AAA was on 7/17/2008, when the national average was $4.114 per gallon.
Currencies Impact: The euro looses ground against the US dollar again this week and the losses steepened Friday as Fitch cuts Spain's AAA rating. In May, the euro has lost more than 7.5% against the US dollar.
Global Index Performance: