S&P 500 Drops For The Ninth Straight Session
Not even a strong jobs report could turn the momentum around on Friday as investors continue to fret over the coming US Presidential election.
The S+P 500 index dropped for the ninth straight day on Friday, trading down 3.44 points to 2,085.22. This is the longest stretch of declines that the index has suffered since December of 1980, when stagflation was wreaking havoc on the nation's economy.
Prior to the market opening on Friday, the Bureau of Labor Statistics released the October jobs report. Traders were impressed by the report, and the markets gapped up as a result.
That optimism soon turned to pessimism and uncertainty, however, as investors hit the exits ahead of Tuesday's Presidential election.
With the race for the White House narrowing considerably over the past 10 days thanks to a decidedly negative newsflow for former Secretary of State Hillary Clinton, many traders and investors are electing to stand on the sidelines until things calm down.
Though Hillary Clinton is still favored to win on Tuesday, Republican nominee Donald Trump certainly has a chance of emerging victorious. A few weeks ago it appeared as though Trump would be on the losing end of a one-sided drubbing - now, if certain battleground states swing Trump's way, the seemingly inconceivable (at least as of a few weeks ago) could take place - Trump could become the next President of the United States.
Don't be surprised if the stock market's losing streak extends into Tuesday afternoon, as many people will likely remain on the sidelines until the election is over.
Filed under: General Knowledge