August 11th 2024
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Key Takeaways
- Stronger signs of capitulation last week
- Downside potential looks quite capped
- Positive outlook remains unchanged
Market Review |
All three major U.S. indexes finished the most volatile week of 2024 nearly unchanged after a strong rebound from Monday’s sell-off. After tumbling 1,000 points on Monday, the Dow Jones Industrial Average finally recovered and closed at 39,497.54, down 0.6% for the week. The S&P 500, which lost 3% on Monday, finally finished at 5,344.16 and ended the week down just 0.04%, nearly completely reversing its weekly losses. The Nasdaq declined 0.2% from last Friday's close and finished at 16,745.30. Among the key S&P sectors, the industrials sector was the best weekly performer, while the materials sector dragged the most. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 20.3 on Friday, after reaching 38.6 on Monday.
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