Posted on 05/13/2016 5:05:40 PM PDT by John W
U.S. stocks closed lower Friday, with the Dow Jones industrial average and S&P 500 closing below their 50-day moving averages and posting their first three-week losing streak since January.
"I think the market's just gotten extended relative to earnings. This week just had those disappointing retail numbers out of the malls and that has led to a fairly broad sell-off. Most of them have done quite poorly," said Bernie Williams, chief investment officer, USAA Investment Solutions.
Consumer discretionary was the fifth-worst decliner, falling more than 1 percent to erase year-to-date gains and joining tech, health care and financials as the only S&P sectors in the red for the year so far. Utilities is the top sector performer year-to-date, with gains of more than 13 percent.
(Excerpt) Read more at cnbc.com ...
Side bar article at the link you posted re Ryan’s reasons for lack of support for Trump. Interesting reading if you’re into fiction. Been too long a week to deal with the stock market tonight - maybe tomorrow. Saving your post until then.
Unexpected?
Seems like the last year or so has cycles of going north of 18,000 only to fall back towards 17,000 or even below. I say it's being manipulated by the really big money day traders to keep squeezing the last drops out without letting it get high enough to self-destruct.
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