Skip to comments.Stocks: Worst week of the year
Posted on 05/18/2012 1:57:43 PM PDT by Signalman
NEW YORK (CNNMoney) -- Stocks closed out an ugly week. Despite initial euphoria surrounding Facebook's public debut, the social network's shares barely popped above its offering price and failed to inspire investors to buy into the broader market.
All three indexes clocked their worst weekly losses of the year, finishing at the lowest levels since January.
U.S. investors focused on the global issues plaguing world markets Friday, which pushed stocks down for the third straight week.
On Friday, the Dow Jones industrial average (INDU) lost 73 points, or 0.6%. The index is down 3.5% for the week.
The S&P 500 (SPX) slipped 10 points, or 0.7%, and 4.3% for the week. The Nasdaq (COMP) fell 35 points, or 1.2% Friday and 5.3% for the week.
Facebook (FB), which priced its initial public offering at $38 a share after the closing bell Thursday, jumped 11% when it started trading mid-morning Friday, but closed just above break even line.
"People are talking about Facebook, but it's really a sideshow," said Win Thin, an emerging market strategist for Brown Brothers Harriman. "If Europe blows up, people will trade on that more than anything else."
(Excerpt) Read more at money.cnn.com ...
“Buy on the dips”. That strategy doesn’t seem to be working lately.
Isn't this about the third "worst week of the year" in a row?
The slide is steepening.
The week pretty much sucked all around...
Stupid muppets didn’t jump in there and bid up the FB IPO scam to $900. A lot of Morgan Stanley and crew are pi$$ed to all hell for the billions they didn’t make.
Seems like the muppets are getting unruly lately.
It would be interesting, if the markets crashed far more than intended by the propagandizing socialists eyeing summer vacations.
-—Buy on the dips. That strategy doesnt seem to be working lately.——
Unless this is the beginning of a big dip. Put a lot into cash yesterday. I’m expecting a turnaround when it becomes clear that odumbo’s done.
Funny. My “stay the hell away” from stocks strategy is working just fine.