STOCKS: Lots of Selling; Worst Run of Selling Days in 33 Years Possible

By Eliza

Aug 3, 2011 11:20am

ABC News’ Dan Arnall (@abcmoneyguy) reports:

The stock market is selling off this morning as broad worries about the global economy come into focus.

At this point, the Dow Jones Is down about 65 points. If the major industrial average ends in the red today we will have seen nine consecutive days of selloff – a run that’s happened only 25 times since 1928. The most recent run of nine days of selling happened back in February 1978.

Investors seem to be shrugging off the better than expected jobs report from payroll company ADP (114,000 new jobs created by private sector employers in their July survey). Instead stock pickers seem to be focused on reports showing factory orders fell in June and slower than expected activity in the nation’s service sector.

The broader measure of the market – the S&P 500 – hit a low-point of 1245 at around 10:37 – matching its 2011 low — and has since bounced back from that level.

The selling today – and the number of consecutive days of selling – are going to keep a lot of people focus on the stock market today.

You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus