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US Stocks Post Worst Weekly Drop Since May 7

Following a dismal second quarter, with all three major US indices posting their worst decline since Q2 2002, the Dow, S&P and NASDAQ Composite finished the week in the red, with their worst weekly performance since May 7.

What follows is a summary of this week's statistics on the markets.

Dow Jones Industrial Average

  • The Dow ended down -457.33 or -4.51% for the week, its worst weekly percent decline since May 7, when it fell -5.7%
  • 28 of the Dow 30 components declined for the week
  • The Dow has had weekly drops of -4.5% or more only twice times this year, including this week
  • On Friday the Dow closed at 9686.48 its lowest closing value since October 5, 2009, and posted a 7-consecutive day decline of -611.96 points or -5.94%, its longest losing streak since October 10, 2008 (an 8-day ending losing streak)
  • The Dow is currently off by -1518.55 or -13.6% from its 2010 closing high of 11,205.03 reached on April 26
  • The Dow is off by -4,478.05 or -31.61% from the market peak on October 9, 2007, of 14,164.53
  • On Wednesday, the Dow recorded a Q2 drop of -9.97%, marking its worst Q2 since 2002 when it fell -11.16%

4th of July: The Dow has historically posted an average gain of 0.03% on the day after Independence Day and up 55% of the time (The best Day after Independence Day was in 2002 up 3.6% and Worst Day in 1931 down -4.5%).

S&P 500

  • The S&P 500 ended down -54.18 or -5.03% for the week, its worst weekly percent decline since May 7 when it fell -6.4%
  • 472 (~95%) of the S&P 500 components fell for the week
  • The S&P has had weekly drops of -5% or more only twice this year, including this week
  • On Friday, the S&P closed at 1022.58, its lowest closing value since September 4, 2009, and posted a 5-consecutive day decline of -54.18 points or -5.03%, its longest losing streak since March 3, 2009
  • The S&P is currently off by -194.7 or -15.99% from its 2010 closing high of 1,217.28 reached on April 23
  • The S&P is off -542.57 or -34.67% from the market peak on October 9, 2007 of 1,565.15
  • On Wednesday, the S&P recorded a Q2 drop of -11.86%, marking its worst Q2 since 2002 when if fell -13.7%

4th of July: The S&P has historically posted an average gain of 0.05% on the day after Independence Day and up 55% of the time (The best Day after Independence Day was in 2002 up 3.67% and Worst Day in 1931 down -3.91%).

NASDAQ Composite

  • The NASDAQ Composite ended down -131.69 or -5.92% for the week, its worst weekly percent decline since May 7 when it fell -7.94%
  • 97 of the NASDAQ 100 components fell for the week
  • The NASDAQ Composite has had weekly drops of -5.75% or more only twice this year, including this week
  • On Friday, the NASDAQ closed at 2091.79 its lowest closing value since November 4, 2009, and posted a 5-consecutive day drop of -131.69 points or -5.9%, its longest losing streak since March 3, 2009
  • The NASDAQ is currently off by -438.4 or -17.3% from its 2010 closing high of 2,530.15 reached on April 23
  • The NASDAQ is -767.33 or -26.84% from its 6-year + high reached on October 31, 2007 of 2,859.12.
  • On Wednesday, the NASDAQ recorded a Q2 drop of -12.04%, marking its worst Q2 since 2002 when if fell -20.7%.

4th of July: The NASDAQ has historically posted an average loss of -0.19% on the day after Independence Day and down 64% of the time (The Best Day after Independence Day was in 2002 up 4.94% and Worst Day in 2000 down -3.23%).


S&P 500 Sectors

Ten out of ten sectors closed the week in negative territory, led to the downside by financial and material stocks.

  • Marshall & Ilsley was the biggest percent loser in the financial sector, down 14% for the week
  • Material stocks were hurt by Cliffs Natural Resources, down 17% this week
  • Year-to-date, ten out of ten sectors are also trading in the red, with material and energy stocks down the most

More Weekly Stats Here

Commodity Impact:Crude oil for July delivery snapped three weeks of consecutive gains, settling at $72.14 on Friday, down $6.72, or 8.52% for the week.

  • Wheat futures were among the best performing commodities, rising 10% this week, while palladium futures were among the worst performers, posting a loss of 11%


Currencies Impact: The US dollar lost the most ground against the Australian and New Zealand dollar, depreciating over 3% for the week.


Global Index Performance:



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