Last week began with both domestic and global markets hitting the skids amid concerns over China's stock market plunge, North Korea's apparent nuclear testing, and falling oil prices. A favorable employment report at the end of the week may have helped stem the downward tide, but not nearly enough to prevent the market from registering one of its worst weeks in memory. The Dow lost over 1,000 points from last week's December 31 close, while the S&P 500 dropped almost 6%. The Nasdaq and Russell 2000 also fell by more than 7%. This week the market attempted to stage a bit of a comeback from its oversold conditions but it was more of the same. This is the 3rd year in a row which I have seen this trend of the market trading down for the first couple of months before reversing course. Hopefully it won’t last long.
The Marty McFly Call - The 1989 movie “Back to the Future Part II” predicted by 2015 we would have personal drones, mobile payment technology, hands-free gaming consoles, video phones and hover boards - not so far off. (Source: Money).
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