Fear of a rapidly spreading new variant of coronavirus U.S. stock markets are volatile as they close to a short holiday trading week, with the drop setting the stage for possibly the worst performance for the Dow Jones Industrial Average and the S&P 500 since the 1950s on the traditional shopping day Black Friday. .
At the last test early Friday, the Dow
fell more than 900 points, or 2.6%, and the S&P 500 fell 95 points, or about 2%, putting closely watched equity benchmarks on their worst day since May 28. October 2020, but the drop also risks becoming the worst Black Friday session for the index since the post-Thanksgiving shopping trend began more than seven decades ago, according to Market Data. Dow Jones School.
Here are the worst Black Friday trading days for the major stock indexes, dating back to 1950, since the retail buying day is believed to have begun during that time period.
Meanwhile, the Nasdaq Composite was down 1.8% which, at its last check, would also mark its worst Black Friday session for the index since its founding in 1971.
Based on history.com, what has come to be known as Black Friday, a popular shopping day before Christmas, is linked to the shopping chaos in Philadelphia in the 1950s with shoppers gathering “the city, creating crowds crowded with people, some of them breaking in and stealing goods.” Since then, the day has been known as “Black Friday.”
However, the term goes back to the idea that a wave of buying will drive retailers to end a dark or profitable year rather than have their accounts in the red.
One of the likely reasons for the stock rally on Friday is the fact that Black Friday is a traditional day of low volume in financial markets and news of a new strain of coronavirus, approved by the World Health Organization. World Economic Review on Friday, has attracted flat investors.
It could take weeks to understand the full impact of the variant called B.1.1.529, which has now become dominant in South Africa and has reached 90% of cases in Gauteng, the smallest province in the country, with more than an estimated 1,000 cases per day.
https://www.marketwatch.com/story/the-s-p-500-and-dow-jones-industrial-average-are-on-pace-for-the-worst-black-friday-in-over-70-years-11637941038?rss=1&siteid=rss The S&P 500 and Dow Jones Industrial Average are catching up on their worst Black Friday in more than 70 years