Stocks Post Worst Thanksgiving Week Decline Since 2011
With some of the Dow’s most popular technology stocks under pressure and a steep decline in oil prices, the Dow Jones Industrial Average dropped 178.74 points on Black Friday, the S&P 500 dropped 0.65 percent, and the Nasdaq Composite dropped 0.5 percent. It was the worst Black Friday performance for the Dow and S&P since 2010, and the worst for the Nasdaq since 2011. For the week, all three major indexes dropped more than 3 percent, their biggest loss during Thanksgiving week since 2011, according to CNBC.
Mark Esposito, CEO of Esposito Securities, blamed slowed earnings growth, higher market volatility, and slowing economic growth for the downward trend.
“I don’t think the bull run is over but I think we’re close to the end of the cycle,” Esposito said. “It feels a bit unsafe.”
