DJIA: Fear-induced selling saw the Dow industrials DJIA, -3.12% plunge by more than 500 points on Friday, pushing the blue-chip index into correction territory, according to Market Watch. The S&P 500 SPX, -3.19% and the Nasdaq Composite COMP, -3.52% also tanked in a broad-based selloff, with the S&P 500 wiping more than $1 trillion off its market cap during the week. Quite frankly, I have not seen this much fear since the spring of 2009, when markets bottomed in the wake of the financial crisis, said Saut, chief investment strategist at Raymond James, in a note to clients. Read: This selloff is about China and emerging markets, with a dash of Fed. Of course, some times investors are scared for good reason and it can take a while before the bottom appears. Extremes can be a contrary market indicator, as reflected by Warren Buffett adage about being fearful when others are greedy and greedy when others are fearful.
(news.financializer.com). As
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Tagged under DJIA, blue-chip index topics.