Bob Pisani is off; this post was written by CNBC producer Robert Hum.
Strong start…then sell into the rally. Sound familiar? It has happened a lot over the past couple of weeks, and it happened yet again Friday. In fact, this is the sixth time over the last seven trading sessions that the markets have ended the day at or near the lows of the session.
Despite a triple-digit gain early on for the Dow, all of the major indices found themselves in the red by the 4pm ET close today.
Weighing on the markets the most this afternoon was a notable reversal in techs (down 2 percent) and commodity stocks (down 1.5 percent). Quite a contrast to earlier this morning when they helped LEAD the markets to modest gains.
Little buying interest has been seen in the marketplace, propelling the markets to consistently drift lower. Trading volume remained light for most of the week. Discouraging to bulls: better-than-expected economic data and strong earnings have failed to be catalysts for building any buying momentum in the markets.
With the third straight week of declines (something that hasn’t happened since the summer), the markets had their worst month since last February. For the month: Dow down 3.5 percent, S&P down 3.7 percent, Nasdaq down 5.4 percent.
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