Based on how poorly U.S. stocks have performed this week, especially today, it's starting to look like last week’s major rallies are over and done with, or so says The Associated Press.
"We had such a big January, some type of weakness, or consolidation, make sense here to us," Ryan Detrick of Schaeffer's Investment Research in Cincinnati tells the AP.
The Dow Jones industrial average was down by 118 points as of noon today. The Standard and Poor's 500 fell 11 points to 1,502 and the Nasdaq composite dropped by about 24 points to 3,145.
However, as the AP notes, the S&P 500 has “lost an average of 0.58 percent in February over the last 20 years, making it the weakest month for stocks.”
So that’s worth keeping in mind.
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