The stock market ended the month on a rough note as stocks dropped sharply last Thursday. The 1% declines in most of the major averages erased much of the months’ gains as the Dow Industrials was up just 0.4%, while the S&P 500 was up 0.85%. If the market can hold its gains into the close on Friday, it should help soothe investors.
On Thursday, the market was still trying to digest the very weak advance reading on GDP that was released Wednesday as well as the plunging social media stocks. The hot sectors—like the iShares Nasdaq Biotechnology (IBB)—were down over 3% on Thursday.
By Brian Nichols:The long-awaited market pullback has finally begun - or at least there is a chance that the markets will continue its downward trend. Last week, the S&P 500 lost 2% of its valuation, and has traded lower by almost 5% during the last month. With that said, my "5 Stocks To Watch" from last week had an average return of almost 3%.