Starting the week off on a sour note is nothing new for the markets. Falling over 500 points today, the Dow continues a trend it started three months ago. Since July, the Dow has posted gains on only 2 of the last 13 Mondays (including today). In fact, the index’s performance on each of the last three Mondays has been particularly weak – with declines of 504, 373, and 778 points.
Other notable numbers on this weak Monday:
- The Dow Industrials fell below 10,000 for the first time since October 2004. Recall, it first closed above 10,000 in March 1999.
- The Nasdaq Composite is poised for its first close below 1,900 since September 2004.
- The CBOE Volatility Index, often referred to as “The VIX” , has soared to levels not seen since the late 1980s. Often used as a measure of fear in the markets, the VIX hit a high today of over 56. If these highs hold at the close, it will be the first time the VIX closes above 50 since November 1987.
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