Dow is on pace for longest weekly losing streak since 1923

By Matt Egan, CNN Business

    (CNN) -- The stock market selloff has left the Dow Jones Industrial Average on track for its longest weekly losing streak in nearly a century.

After opening the day higher, the Dow turned negative and was down about 270 points, or 0.9%, in recent trading. The Dow is off by nearly 4% so far this week.

If the Dow finishes down for the week, which it is solidly on pace to do, it would be its eighth-straight weekly loss. That would be the longest weekly losing streak since 1923, according to FactSet data reviewed by LPL Financial.

The long stretch of losses underscores the negative mood on Wall Street as investors grow nervous about high inflation -- and what the Federal Reserve will have to do to get prices under control.

The broader S&P 500 is on pace for a seventh-straight weekly loss, which would be its longest such slump since March 2001, according to Bespoke Investment Group. The S&P 500 entered bear-market territory Friday, a 20% drop from the all-time high it 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," LPL Financial's Ryan Detrick said in an email.

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

"If we get any good news, a big bounce back rally is likely," he said.

The-CNN-Wire
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