Stocks Tank on Global Growth Fears
A roller coaster week of anticipation for investors and the markets ends up as red meat for the bears.
One day after the Federal Reserve showed its hand of fear and worry by not raising interest rates, stocks tanked on global growth fears articulated by Fed Chief Janet Yellen. The Dow and S&P 500 erased all gains for the week. And this is the first time in 21 years we’ve seen 11 alternating weeks of gains and losses for the S&P 500. The Dow dropped 290 points, the S&P lost 1.6% and the Nasdaq ended lower by 1.3% - their largest declines since September 1.
The flight to safety play? Gold. The yellow metal closed up $21 per ounce Friday for its highest settlement since September 1.
A reversal, though, for black gold; oil saw its largest daily drop in nearly three weeks to settle below $45 per barrel.
And what a difference a year makes. It has been one year since Chinese e-commerce company Alibaba (NYSE:BABA) made its market debut. After a much hyped IPO, the stock has fallen about 30%.
Alibaba closed lower Friday by 2.5%
There are some big data points coming out next week that may impact your wallets, including existing home sales on Monday at 10 a.m. Eastern, new home sales at 10 a.m. Eastern on Thursday and the final reading for the second-quarter U.S. GDP on Friday at 8:30 a.m. Eastern.