The Dow Jones Industrial Average (DJI) spiked just after the open but spiraled steadily lower throughout the day, suffering a significant daily and modest weekly loss by the time the dust settled. "'Ugly' best describes what we just witnessed," said Schaeffer's Senior Technical Strategist Ryan Detrick. "After yesterday's big move higher, this morning we had some excitement regarding the strong jobs data. But in the end, things ended very similarly to other days these past few weeks, with the bears in control."
It was a down day on Wall Street as traders adjusted their portfolios ahead of next week's election. By the close, the Dow had shed more than 1% to more than undo yesterday's gains.
The S&P 500 Index (SPX) dropped just shy of a percent, and the Nasdaq Composite (COMP) was off more than 1.2% on the day. For the week, the Dow edged down 0.1%, the SPX claimed a 0.2% victory, and the COMP was off almost 0.2%.
The CBOE Market Volatility Index (VIX) sprung back to life in Friday's trading, gaining more than 5.4% on the day but settling close to 1.2% lower for the abbreviated week.
Today's highlight: "As bad as the action was on Friday, what happened to New York and the surrounding areas this week puts things in perspective," remarked Detrick. "I have a lot of friends who live in NYC and work with various media outlets there. Talking with a lot of them the past few days has been eye-opening. We've all seen the pictures of destruction, but to get a first-hand account of how hard it is to just get food and work is so sad. Everyone enjoy your weekend, and if you were affected by this storm, good luck getting life back to normal, as soon as possible."
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