On Friday, it seemed traders on the floor had stopped asking if the market could rally and started asking just how much farther will stocks fall.Pessimism swept across the Street, after The Nasdaq erased its gains for the year, and the Dow slipped below the psychologically important 12,000 level.
Looking at the S&P 500, the index was on track for a sixth straight week of losses. ”We’re in the middle of the worst losing streak since 2002,” says host Scott Wapner. Selling was triggered by reports that China exports slowed and Brazil retail sales slipped unexpectedly. Considering most of the economic data has been weak lately, investors considered the new information as confirmation that the world was in the midst of a full blown global slowdown. “That’s the presumption (investors) read from all this,” says Pete Najarian.
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