Most of the major indexes ended lower today, capping a volatile and losing week for stocks and exchange traded funds (ETFs).
It could have been worse, though. The Dow dropped nearly 700 points at the opening, before fluctuating wildly in the last hour to close down about 125 points, reports Tim Paradis for the Associated Press. The Dow has lost 21% in 10 days of trading, and it’s the worst weekly percentage drop since its creation 112 years ago.
Historically, this slump could wind up being one of the worst.
Aaron Task for Tech Ticker notes that one analyst, John Roque, says this crash is “more insidious” than that of 1987. Both the Dow Jones Industrial Average and S&P 500 are off their 2007 highs by more than 40%. Their plunge is beginning to rival the bear market of 1973-’74, which saw the Dow fall 45% in two years.
It takes time to make a recovery, Roque said, and that expecting a full recovery immediately is like expecting an injured basketball player to start playing at full strength again.