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Markets Since Lehman, Record Wednesday Losing Streak

Since the Lehman bankruptcy on September 15, the S&P 500 has lost one third of its value. During this slide, which has spanned 48 trading sessions, the S&P has fallen on two-thirds of the days. On the days it has fallen, the S&P 500 has averaged a decline of 3.4%. On the flip side, during the 17 sessions the S&P has been up over this period, it has posted an average gain of 4.1%.

Here’s how some of the major indices and sectors have performed since the Lehman bankruptcy:

Change Since
Lehman Bankruptcy
Russell 2000 -40.8%
Nasdaq Comp. -36.9%
Dow Transports -36.8%
S&P 500 -33.9%
Dow Industrials -28.3%
Dow Utilities -22.0%

S&P 500 Sectors
Financials -48.4%
Materials -45.8%
Consumer Discretionary -43.0%
Industrials -38.1%
Technology -36.5%
Energy -27.9%
Telecom -24.6%
Healthcare -23.5%
Utilities -22.9%
Consumer Staples -20.9%

Other Major Sector Indices
REITs -56.9%
Brokers -54.9%
Insurance -53.4%
Cyclicals -51.9%
Housing -51.8%
Oil Services -51.4%
Healthcare -47.6%
Retailers -44.6%
Semis -43.6%
Banks -40.3%
Gold Stocks -37.8%
Defense -37.6%
Natural Gas Stocks -31.4%
Oil Stocks -29.7%
Airlines -29.2%
Biotech -27.4%
Consumer -25.5%
Drugs -16.3%

Markets Can’t Get Over a Hump on Hump Day

Today’s decline continues another trend from this period. Since the week of September 15, both the Dow Industrials and S&P 500 have failed to post a Wednesday gain – that’s 10 straight Wednesday declines! The prior record was seven which happened 7 times, last in 2000.

Here’s how the S&P has performed on each day of the week for the past 2.5 months:

Mon Tues Wed Thurs Fri
# of Losses 8 5 10 3 5
Average Loss -3.6% -2.6% -3.7% -5.6% -2.2%
# of Gains 2 5 0 6 4
Average Gain +8.2% +4.6% N/A +3.6% +2.2%

Worst performing companies in the S&P since Sept include:

  • Genworth Financial is down 93% since September
  • AIG is down 92% since September
  • Prologis is down 91% since September
  • Hartford Financial is down 88% since September
  • AK Steel is down 87% since September

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