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Translated by: OX Translation Team – MaiTian

It is reported on May 20, the U.S. stock market selloff hit pause Friday, but Dow Jones Industrial Average (DJI) could not avoid its longest weekly losing streak in nearly a century. 

Image Source: Reuters

DJI closed up 9 points on Friday but fell about 3% at the end of the week. 

This is Dow’s eighth consecutive weekly loss and the longest weekly losing streak since 1923, according to FactSet data reviewed by LPL Finance.

A prolonged period of falling stock prices reflect the negative mood on Wall Street as investors become increasingly nervous about high inflation and think that the Fed would have to do something to control prices. 

According to Bespoke Investment Group, the broader S & P 500 fell for its seventh consecutive week, the longest decline since March 2001. The S & P 500 briefly entered bearish territory on Friday, down 20% from its all-time high reached in January. 

“From inflation, to a hawkish Fed, to war, to supply chain issues, to China on lockdown, to a slowing economy, there are many reasons stocks have done as poorly as they have recently,” Ryan Detrick of LPL Financial said.  

Detrick said the silver lining is that history suggest stocks are oversold. 

Reference link: https://gnewsapp.com/post/p2568941/

Edited by:  MikeHua

Posted by:  James L

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