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Stocks hit dour milestone: the fourth straight week of losses

Wall Street
Posted at 3:39 PM, Sep 25, 2020
and last updated 2020-09-25 17:39:36-04

Wall Street ended another turbulent week on a mixed note: Even though all major stock indexes finished higher on Friday, the S&P 500 and the Dow still recorded their fourth straight week of losses.

The Dow closed up 1.3%, or 359 points, and the S&P 500 ended 1.6% higher on Friday, after starting the day in the red. The Dow swung more than 600 points between its high and low points of the session.

Both indexes were down for the week, their worst such losing streak since August last year, when trade tariffs and retaliations dominated the market.

The Nasdaq Composite, the only index that had opened higher, finished up 2.3%. The tech-heavy index also snapped a three-week losing streak.

Market dynamics are all over the place these days. The presidential election is less than six weeks away and uncertainty about the outcome — as well as when the outcome will be known — is increasingly weighing on stocks.

On top of that, the economic recovery is showing signs of slowing. In the latest example, Friday the Census Bureau reported that orders for durable goods, such as cars, slowed more than expected in August. They rose 0.4% compared with a 11.7% jump in July.

Meanwhile, Washington has so far been unable to agree another stimulus package, as finding a new supreme court judge after the death of Justice Ruth Bader Ginsburg has taken over the capital.

US-China tensions, which have overshadowed the market regularly for years, are also on the rise again.

In the weeks to come, earnings season for the third quarter of the year will also get under way, so there's plenty to keep investors busy.

The message is clear: Volatility isn't going away any time soon.

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