New York, USA (CNN)–The sell-off in the stock market paused on Friday, but the Dow Jones Industrial Average could not avoid its longest streak of weekly losses in nearly a century.
The Dow ended Friday nine points higher, but in doing so, it ended the week down about 3%.
According to data from FactSet reviewed by LBL Financial, this was the eighth consecutive weekly loss, and the longest streak of weekly losses since 1923.
The long stretch of losses underscores the negative mood on Wall Street as investors grow nervous about rising inflation, and what the Federal Reserve needs to do to control prices.
According to investment group Bespoke, the S&P 500 posted its seventh consecutive weekly loss, the longest such drop since March 2001. The S&P 500 briefly entered bear market territory on Friday, down 20% from its all-time high in January.
“There are many reasons stocks have underperformed as they have been recently, from inflation, to Fed decisions, war, supply chain issues, the shutdown in China and a slowing economy,” Ryan Detrick of LBL Financial said in an email. .”
Detrick added that history may point to an oversold in stocks, adding, “If there is any good news, a big rebound is likely.”