By Leo Kolivakis via Iris.xyz
Fred Imbert of CNBC reports, Dow falls more than 150 points, posts worst Thanksgiving week decline since 2011.
Stocks fell on Black Friday as some of the most popular technology shares were under pressure once again, while a steep drop in oil prices also weighed on equities.
The Dow Jones Industrial Average dropped 178.74 points to 24,285.95 while the S&P 500 pulled back 0.65 percent to 2,632.56. The Nasdaq Composite dipped 0.5 percent to close at 6,938.98. The Dow and S&P 500 posted their worst Black Friday performance since 2010. The Nasdaq had its worst Black Friday since 2011.
For the week, the major indexes all dropped more than 3 percent. They also had their biggest loss for a Thanksgiving week since 2011.
“I don’t think the bull run is over but I think we’re close to the end of the cycle,” said Mark Esposito, CEO of Esposito Securities. “It feels a bit unsafe.” Esposito cited slowing earnings growth, higher market volatility and slowing economic growth as signs the currency cycle may be ending.
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