News About Banking Industry

Dow loses 203 as stocks snap 6-week win streak

Selling hit Wall Street for a third straight day Friday as the stock market ended its worst week in 12 weeks. Investors are grappling with uncertain market conditions due to coming Fed rate hikes, global economic worries, falling oil prices and fears of a weakening retail sector.USA - Business - Dow Jones Sign

The Dow Jones industrial average, which tumbled 254 points Thursday, lost another 203 points, or 1.2%, to 17,245. The Standard & Poor’s 500 stock index, which fell back into the red for the year Thursday, lost another 1.1%. The Nasdaq composite, the lone major U.S. stock index still in the black for 2015, ended down 1.5%. The five-day loss of 3.7% for the S&P 500 snapped a six-week winning streak for stocks and was the worst weekly performance since August.

Wall Street, which enjoyed its best October in years and a quick start to November, is back in risk-off mode. Investors are finding more reasons to hold off on buying stocks, with worries ranging from overvalued stocks, higher interest rates, weak results from key retailers like Macy’s (M) and ongoing angst over the impact of China’s economic slowdown.

Traders were also digesting weaker-than-expected retail sales in October, which added to more recent fears about the strength of the holiday selling season prompted by weak earnings and guidance from department store Macy’s and Nordstrom. Shares of Macy’s fell 4.3% and Nordstrom (JWN) tumbled 15%. J.C. Penney (JCP) reported better-than-expected results but still reported a loss for the third quarter as the retailer continued its turnaround strategy. Shares dropped 17%.