Wall Street report for week 48 of 2021
Wall Street and almost all of its primary indices have had one of the roughest weeks in the past couple of months. It was a free fall in points with bumpy movements throughout the week for Dow Jones Industrial Average, Nasdaq Composite, and S and P 500. And, this has happened as a result of the business uncertainties that have popped out of nowhere because of the new coronavirus variant called “Omicron”. The market is afraid of what could happen if this new variant once again brings the world under lockdown and it is pretty visible through the performance of these major wall street indices.
Let’s dig down and have a look at the numbers of these major indices for the past week.
Dow Jones Industrial Average:
The Dow Jones Industrial Average has ended the week in the big red zone at 34,580 points with a steep loss of 437 points on a week-over-week basis. The index has seen a mid-week crisis of free fall in points with only a bumpy recovery curve. Since the rebounding momentum was not good enough the index could only recover so much. But the sharp upward trend in the last trading session gives some hope of a bullish upcoming week.
Nasdaq Composite Index:
The Nasdaq Composite Index has also ended the week in the red zone at 15,085 points with even a heavier loss of 633 points on a week-over-week basis. The index has only moved in sideways and downward direction throughout the week with a sharp decline in points every now and then. Things hit the lowest on the last day of the week with little to no recovery momentum to swing upwards.
S and P 500 Index:
The S and P 500 Index too ended the week in the red zone at 4,538 points with a considerable loss of 90 points on a week-over-week basis. The index saw a heavy loss in points during the mid-week with nothing but bumpy movements. And because of this, even the last trading sessions recovery movement doesn’t give me hope for at least two days of the upcoming week.
These drop-in points of the major wall street indices are very much understandable and it is going to continue like this at least up until the investors get a better understanding of this new coronavirus variant “Omicron”. The same is also going to happen in the Asian markets in the upcoming week.
So, let’s wait and see how things develop in the next seventy-two hours.
Thank you for reading this, and God Bless Everyone.
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