NEW YORK, USA (CNN) – The stock market closed lower on Friday, but the Dow Jones Industrial Average could not avoid a week-long series of weekly losses.
The Dow ended 9 points higher on Friday, but ended the week down about 3%.
This is the eighth consecutive weekly loss and the longest series of weekly losses since 1923, according to FactSet data reviewed by LBL Financial.
Long-term losses on Wall Street underscore the negative mood as investors are nervous about rising inflation and what the Federal Reserve should do to control prices.
According to investment group Bespoke, the S&P 500 recorded its seventh consecutive weekly loss, the longest such decline since March 2001. The S&P 500 briefly entered the bear market on Friday, down 20% from its all-time high in January.
There are a number of reasons why stocks have been inactive in recent times, such as inflation, central bank decisions, war, supply chain problems, strikes in China and the recession, ”LPL Financial’s Ryan Tetrick said in an email.
According to Tetrick, history may indicate that stocks have been over-sold, and that “if there is any good news, a major overhaul is possible.”
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