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U.S. stocks end worst week in four years, as Dow falls by more than 500
Investing.com Investing.com -- U.S. stocks crashed more than 2% for the second straight session as the Dow Jones Industrial Average fell more than 500 points to enter into correction territory, amid weak
Chinese manufacturing data and cascading crude oil prices.
The downturn has exacerbated fears of a global economic slowdown, as markets ranging from the U.K. to China also entered correction after declining by more than 10% this week from
recent highs. Stocks around the world have suffered a massive sell-off since Wednesday afternoon when the Federal Open Market Committee rattled markets with the release of relatively
dovish minutes from its July meeting, which provided indications that persisting weakness in the economy could prompt it to delay an interest rate hike beyond September. Then, on Friday,
U.S. crude futures dipped below $40 a barrel for the first time since 2009, while the Flash China Caixin PMI fell to a six and a half year low, illustrating the continual deceleration in growth
throughout the world's second-largest economy.
The Dow plummeted 530.94 or 3.12% on Friday to 16,459.75, suffering its worst one-day loss in four years. The bearish session marks one of the 20 steepest one-day declines in the history
of the Dow. The sharp losses extend Thursday's sell-off when it fell more than 350 points. As a result, the Dow suffered its worst week since 2011.
The losses were even more severe on the NASDAQ Composite index, which dove 171.45 or 3.52% to 4,706.04, pushing it near correction territory. On the week, the NASDAQ fell
approximately 5% as it retreats from the symbolic 5,000 level it has mostly stayed above for the majority of the last five months. The weekly decline was the worst for the NASDAQ in five
years, as biotech and semiconductor stocks weighed.
The S&P 500 Composite index, meanwhile, lost 64.84 or 3.19% to 1,970.89, concluding its worst week in more three years. For the week, the S&P 500 fell more than 4.5%, suffering one of
its worst five-day periods since 2011. During Friday's session, all 10 sectors closed in the red as stocks in the technology, energy and health care industries lagged. In total, four of the 10
sectors closed down by more than 3%.
The top performer on the Dow was EI du Pont de Nemours and Company (NYSE:DD), which lost 0.41 or 0.78% to 52.00. Apple Inc (NASDAQ:AAPL) ended the session as the worst
performer after plunging 6.89 or 6.12% to 105.76. The slowdown in China has weighed on the world's largest company in recent weeks, where Asian markets represent a key growth area
for iPhone sales.
The biggest gainer on the NASDAQ was Seagate Technology (NASDAQ:STX), which added 0.07 or 0.14% to 48.72. The worst performer was Intuit Inc (NASDAQ:INTU), which fell 13.65 or
13.26% to 89.28.
The top performer on the S&P 500 was Salesforce.com Inc (NYSE:CRM), which added 1.35 or 1.99% to 69.17, amid stronger than expected sales last quarter. Intuit (NASDAQ:INTU) also
finished as the worst performer on the S&P 500, just below Ross Stores Inc (NASDAQ:ROST) which lost 5.25 or 9.50 to 50.00.
On the New York Stock Exchange, declining issues outnumbered advancing ones by a 2,705 to 475 margin.

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22-08-2015 06:48