The Slow Crash on Wall Street Likely Isn’t Over Yet
After falling for six days in a row, U.S. financial markets rebounded on Friday, with all the major stock indices posting gains, and the Nasdaq enjoying its biggest rise in percentage terms—3.8 per cent—since November, 2020. Some beaten-up cryptocurrency assets also rose sharply, and the appearance of green on trading screens provided much-needed relief for investors. However, all of this needs to be put into perspective.
Even after Friday’s bounce, the Dow, the S. & P. 500, and the Nasdaq all closed down at least two per cent on the week. The Dow has fallen for seven weeks in a row, its longest losing streak since 1980, according to Reuters. If you look back further, the picture is even grimmer. In the past six months, the Nasdaq Composite has fallen …
More on: www.newyorker.com