Following one of the best weeks in two months, last week's performance
through Thursday, put the Dow Jones Industrial Average on course for its sixth
worst week in its 115-year history (off 6.4%), according to The Wall Street
Journal . And even though the week ended with a mild recovery on Friday, the Dow
has been down for seven of the past nine weeks. The European sovereign debt
issue was blamed for most of the selling. But the worst day, Thursday, was
clearly attributable to the Fed's statement that there were significant
downside risks to the economy and a strain in global financial markets. European
markets fell sharply andShanghaiandHong Kong's indices set new 52-week lows.
On Friday, the market stabilized with small gains in each of the major indices.
Advancing stocks were ahead of decliners by about 2-to-1. And volume for the
NYSE totaled 1.2 billion shares, the best for an advancing day in two weeks. But
the technical damage inflicted on the major indices has been enormous.
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