Why this is no plain-vanilla dip
- Date: 14-May-2022
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
Why this is no plain-vanilla dip
Friday's mini-rally notwithstanding, it’s getting ugly out there as my former CNN colleague Jack Cafferty used to say. You’ve seen the numbers and they aren’t pretty: Worst start for a year for stocks since 1939. Big tech companies have lost trillions of dollars of market value. Looking at your portfolio is like a kick in the gut.
The carnage is not equally distributed, though. While the Dow (^DJI) is down 11% year to date, (the market peaked on Jan. 3 — conveniently the first trading day of the year), the tech-heavy NASDAQ (^IXIC) is off a bone-crushing 25%.
As if that’s not bad enough, stay-at-home and meme stocks, SPACS and oh my lord, crypto are worse. Examples: Peloton (PTON) was off 60% at one point, SPACS are down 43% on average, and Bitcoin has fallen some 55% from its November peak.) That means there’s some method to the madness.
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