It's a new week on a suddenly wild and jittery Wall Street, and
beleaguered stock investors are hoping for the best after a massive
sell-off last week wiped out all of the Dow Jones industrial average's
gains for the year.
The first day of trading this week falls on Columbus Day, a normally muted day for financial markets. The bond market is closed and there are no government or economic reports slated for release. Still, the fallout from last week's heightened volatility and negative price action has upped the ante and fear levels.
The broad Standard & Poor's 500 index kicks off the week just a point above its average price over the past 200 days, which means the uptrend that has been in place since November 2012 is at risk of being broken.
The S&P 500 closed Friday at 1906.13, just a shade above its so-called 200-day moving average of 1905.
"The test is definitely here," Paul Hickey, co-founder of Bespoke Investment Group, warned clients in an end-of-week research note.
Read More: Another roller coaster ride for Wall Street?
The first day of trading this week falls on Columbus Day, a normally muted day for financial markets. The bond market is closed and there are no government or economic reports slated for release. Still, the fallout from last week's heightened volatility and negative price action has upped the ante and fear levels.
The broad Standard & Poor's 500 index kicks off the week just a point above its average price over the past 200 days, which means the uptrend that has been in place since November 2012 is at risk of being broken.
The S&P 500 closed Friday at 1906.13, just a shade above its so-called 200-day moving average of 1905.
"The test is definitely here," Paul Hickey, co-founder of Bespoke Investment Group, warned clients in an end-of-week research note.
Read More: Another roller coaster ride for Wall Street?
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