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The major averages had their biggest trade volume day of the year and posted their worst week in four years. The Dow Jones industrial average closed at session lows, off nearly points and in correction territory for the first time since as all blue chips declined. The last time the index closed more than points lower was on Aug. In the last five years, the index has only had four instances with closing losses of more than points. That illness that has been building up in the market.
A trader also noted that investors stopped looking at technicals and were plowing through them. The Nasdaq Composite lost 3.
Apple declined 6 percent, in bear market territory, and the iShares Nasdaq Biotechnology ETF IBB plunged 3. The index is off about 4. Information technology and energy led all 10 sectors lower on the day. Energy was the worst decliner for the week, with no sectors posting weekly gains. The Russell fell into correction territory in the open and failed attempts to stay out of it.
Read More Could Russell correction signal more losses ahead? There's a lack of positive economic news to motivate buyers," said David Kelly, chief global strategist at JPMorgan Funds. He noted "there's nothing particularly negative in the U. Crude oil futures for October delivery settled down 87 cents, or 2.
In addition to concerns over slowing global growth, analysts also noted some uncertainty over the timing of a rate hike. People are taking money out of the market. The CBOE Volatility Index VIXwidely considered the best gauge of fear in the market, traded above The index was up more than 45 percent on the day, for its greatest weekly gain on record going back to and up more than percent month-to-date for August, on track for its largest monthly rise since Earlier in the day, Kinahan said investors should start paying attention now that the VIX is above 20, and that anything over 25 indicates "true fear.
Peter Cardillo, chief market economist at Rockwell Global Capital, noted some volatility due to options expirations.
Global markets extended losses on Friday. European stocks closed sharply lower, with the STOXX Europe off more than 3 percent. The Shanghai Composite plunged 4. Read More Relax, we're about to hit a bottom in stocks: On the other hand, euro zone activity rose in August. The regional flash composite PMI from Markit rose to Treasury yields held lower, with the year note yield at 2. Emerging market currencies were weaker against the dollar.
Read More Markets are nyc stock market crash a technical mess. Growth fears and uncertainty about the timing of a Federal Reserve rate hike weighed heavily on Thursday. The decline led to a breach of important support at the March low, which defines the lower boundary of a six-month trading range," said Forex or stock market Stockton, chief technical forex m15 indicator at BTIG.
On the earnings front, Deere and Foot Locker posted results binary options strategies for directional and volatility trading download the market open.
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Read More Early movers: However, revenue was below forecasts and Deere also lowered its forward guidance. The company said it is being impacted by a downturn in the farm economy and lower demand for construction equipment.
Foot Locker fell 3. Revenue was above analysts' forecasts as well, and a same-store sales increase forex pin bar detector 9. The Dow transports fell 2.
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The index has been in correction territory for much of the year. The Dow Jones Industrial Average closed down The index has fallen 1, points this week and off 1, points for August. The index has only dropped more than 1, points or more in five other months in history, most recently in October The Nasdaq closed down About five stocks declined for every advancer on the New York Stock Exchange, with an exchange volume of 1.
High-frequency trading accounted for 49 percent of August-to-date's daily trading volume of about 6.
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Panic sets in, not over yet: Long-term investors should be buying: Dow falls points. Good time to step in and buy stocks: Finding profits in the rubble. Start of a bear market? How to play the dip. Apple tips off tech tumble. Tweet This The major averages had their biggest trade volume day of the year and posted their worst week in four years. Gold set for biggest weekly rise since Jan. Flight to safety hits Treasury yields. Major averages 5-day performance Global markets extended losses on Friday.
Analyst On the other hand, euro zone activity rose in August.
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Read More Markets are in a technical mess Growth fears and uncertainty about the timing of a Federal Reserve rate hike weighed heavily on Thursday. A strategy beating market for 4 years For small business, yuan fall helps Farr: Time for a consumer discretionary retreat? To view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again. YOUR BROWSER IS NOT SUPPORTED. Please upgrade to watch video.
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