The major US indices are closing the day with declines across the board. The declines were led by the Dow but the S&P also fell by 1%. The Nasdaq was the best of the worst.
For the week, the pattern was the same as flow of funds moved into the big tech cap stocks of the Nasdaq. The Dow fell on the week and the S&P had a modest gain.
A look at the final numbers for the day shows:
- Dow Industrial Average fell -384.52 points or -1.19% at 31861.97
- S&P index fell -43.64 points or -1.10% at 3916.65
- NASDAQ index fell -86.75 points or -0.74% at 11630.52
- Russell 2000 fell -45.34 points or -2.56% at 1725.89
for the trading week:
- Dow Industrial Average closed near unchanged at -0.15%
- S&P index closed up 1.43%
- NASDAQ index was the big winner with a gain of 4.41%
The small cap Russell 2000 was actually the worst performer with a decline of -2.64%
For the NASDAQ index after declining below its 100 day moving average last Friday and again on Monday, the price rebounded to close above its higher 200 day moving average on Tuesday (at 11395.53 currently). Although the price traded above and below the 200 day moving average on Wednesday and Thursday, it took off on Thursday before correcting lower today. Nevertheless being above the 200 day moving average is a positive from a technical perspective for the index.
