US stocks declined over 4% this week, with the Russell 2000 and NASDAQ Composite leading the sell-off. During Friday's trading session, the CBOE Volatility Index rose to a 15-month high, while the Dow swung 279.71 points, dipping below the 10,000-mark, before erasing all of its losses to close up 125 points for the day.
What follows is a summary of this week's statistics on the markets.
Weekly Gains:
- The Dow ended down -426.77 or -4.02% for the week, its worst weekly percent drop since May 7 when it fell -5.7%
- The S&P 500 ended down -47.99 or -4.23% for the week, its worst weekly percent drop since May 7 when it fell -6.4%
- The NASDAQ Composite ended down -117.81 or -5.02% for the week, its worst weekly percent drop since May 7 when it fell -7.95%
Correction Territory:
- On Thursday, the Dow entered correction territory as it declined -376.4 points or -3.6% to settle at 10068.01, off more than 10% from its 2010 closing high of 11,205.03 set on 4/26, and its worst daily percent drop since March 5, 2009
- The S&P entered correction territory as it declined -43.46 points or -3.9% to settle at 1071.59, off more than 11% from its 2010 closing high of 1,217.28 set on April 23, and its worst daily percent drop since April 20, 2009
- The NASDAQ entered correction territory as it declined -94.36 points or -4.11% to settle at 2204.01, off more than 12% from its 2010 closing high of 2,530.15 set on April 23, and its worst daily percent drop since February 17, 2009
Markets Month-to-Date
- The Dow is currently tracking for its worst monthly percent decline since February 2009 when it fell -11.7%
- The S&P is currently tracking for its worst monthly percent decline since February 2009 when it fell -10.99%
- The NASDAQ is currently tracking for its worst monthly percent decline since November 2008 when it fell -10.77%
- On Friday, the CBOE Volatility Index (VIX) traded at an intraday high of 48.2, its highest level since March 10, 2009 to end up 8.86 points or 28.36% for the week, and currently up 81.86% month-to-date
- The VIX is currently tracking for its largest monthly percent gain since September 2008 when it gained 90.75% and its best May gain ever
S&P 500
Sector Impact: Ten out of ten sectors closed the week in negative territory, led to the downside by industrial and energy stocks.
- Flowserve was the biggest percent loser in the industrial sector, down 11% for the week
- Industrial stocks were hurt by Massey Energy, down 16% this week
- Year-to-date, seven out of ten sectors are trading in negative territory, led to the downside by telecom stocks with a loss of 10%, and to the upside by consumer discretionary companies, with a gain of 6%