On Friday, most of the bad news fromEuropewas based on fear that a Lehman/Bear
Stearns type of crisis was about to hit the European banks. And soU.S.markets
started off lower following a drop of over 1.5% forGermany's DAX, which fell
8.6% for the week. Talk of a double-dip recession kept selling pressure high for
the entire day, and by the close, the Dow Jones Industrial Average had fallen by
1.57%, with the Nasdaq off 1.62% and the S&P 500 down 1.5%. The four-week
decline for the Dow is the worst since early in 2009. Last week alone it fell 4%
while the technology-laden Nasdaq lost 6.6%. On Friday, volume on the NYSE
totaled 1.5 billion shares, which is slightly less than the average of the week,
a sign that selling may shortly abate, but there were over three times more
sellers than buyers on the Big Board.
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