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S&P 500, DJIA see biggest weekly losses in nearly 4 years
For some of you guys who keep a eye on the stock market, today was not a good day.

August 21, 2015 was one of those days, that investors and brokers would like to forget. Today, DOW went below 500 hundred points, and S&P lost about 64 points. The brutal selloff wiped $1.1 trillion off its market value over the week, according to some sources

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S&P 500, DJIA see biggest weekly losses in nearly 4 years

[Image: MW-DS798_Dow_sh_20150821155229_ZH.jpg?uu...15c588e0f6] Everett Collection

U.S. stocks plunged Friday, capping a week of carnage that sent the Dow Jones Industrial Average into correction territory as fears about China’s economy and global growth spurred heavy selling.
The main indexes posted massive one-day selloffs and their biggest weekly declines in nearly four years.

“Today’s markets are driven by fear, with a lot of momentum shares seeing a retracement,” said Myles Clouston, senior director at Nasdaq Advisory Services.

The Dow Jones Industrial Average DJIA, -3.12%  plummeted 530.94 points, or 3.1%, to close at 16,459.75, leaving the blue-chip index down more than 10% from its record close in May, meeting the widely used definition of a correction.The index dropped 5.8% on a weekly basis, the steepest decline since September 2011.

The S&P 500 SPX, -3.19%  fell 64.84 points, or 3.2%, to settle at 1,970.89, falling below 2,000 for the first time since February. Consumer discretionary, energy and technology stocks were hit hardest. The index saw a 5.8% weekly fall, the steepest since September 2011. The main benchmark wiped out $1.1 trillion of its market value over the week.

The Nasdaq Composite COMP, -3.52%  fell 171.45 points, or 3.5%, to 4,706.04 for a weekly drop of 6.8%, the biggest weekly decline since August 2011.

Selling pressure on Wall Street stemmed from downbeat data from China, which resulted in a rout of Asian and European markets as well as a renewed plunge in oil prices. Shares came under fresh pressure in afternoon trade as the U.S. oil benchmark slid below $40 a barrel for the first time since February 2009 in response to global-demand concerns and a persistent supply glut.

An early gauge of China’s factory activity fell to a 6½-year low in August. The data come over a week after Beijing’s surprise move to devalue China’s currency on Aug. 11.
All the main benchmarks are now trading below the 200-day moving average level, which many technical analysts say leads to further declines.

“We are seeing a lot of fear on Wall Street, but at the same time, investors are not running to Treasuries and gold, said Jim Paulsen, chief investment strategist & economist at Wells Capital Management.
“The stock market has been vulnerable for some time and I would not be surprised to see a 10%-15% correction this year,” Paulsen said.

My Reaction : [Image: orw-my-friends-so-suggests-that-we-shoul...-98589.gif]

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