After Breaking Records For Six Weeks, Stocks Dropped -2.3% Friday
Published Friday, November 26, 2021 at: 7:42 PM EST
The Standard & Poor’s 500 dropped 2.3% on Friday, its worst one-day loss since February. Only five trading days earlier, the S&P 500 had closed at a record high.
Friday’s abrupt reversal occurred after a handful of nations, including the United States, reinstated travel restrictions on visitors coming from southern Africa, a precaution taken to prevent the spread of a new variant of Covid-19. Whether the new variant is prevented by existing vaccines is not yet known.
Friday’s loss followed a surge that began at the start of October in which the stock market soared for six weeks. The S&P 500 had closed at an all-time high on November 18. This Friday’s close was 2.2% lower than last Friday’s.
With markets closed for Thanksgiving yesterday, the Standard & Poor’s 500 stock index, closed two-hours earlier than normal on this Black Friday, at 4,594.62. Trading volume was much heavier than had been expected. The S&P 500 stock index, a barometer of U.S. strength, is up an astounding +69% from the March 23, 2020, Covid bear-market low.
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This article was written by a veteran financial journalist based on data compiled and analyzed by independent economist, Fritz Meyer. While these are sources we believe to be reliable, the information is not intended to be used as financial advice without consulting a professional about your personal situation. Indices are unmanaged and not available for direct investment. Investments with higher return potential carry greater risk for loss. Past performance is not an indicator of your future results.
This article was written by a veteran financial journalist based on data compiled and analyzed by independent economist, Fritz Meyer. While these are sources we believe to be reliable, the information is not intended to be used as financial advice without consulting a professional about your personal situation.
Indices are unmanaged and not available for direct investment. Investments with higher return potential carry greater risk for loss. Past performance is not an indicator of your future results.
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