This past week the market traded down four of the past five days with over a 30-point drop on Wednesday. The SPX opened Monday at 2107.99 and closed Friday at 2061.02 down 46.97 or 2.23% on the week. The SPX is now up just 2.12 points or 0.1% for 2015. The other major indices also experienced significant declines with the NDX down 2.72%, the DJIA down 2.34% and the RUT showing the most strength declining only 1.88% on the week. The RUT also hit a new high on Monday before beginning its decline.
The Durable Goods Orders report on Wednesday rattled the markets when it posted a 1.4 % decline rather than the expected 0.2% gain. With the manufacturing and housing sectors in the U.S. showing weakness, coupled with the growing conflict in the Middle East, and the impact of a global credit crisis from emerging markets, there are enough events that could continue to upset the markets over the next few weeks.