DOW Suffers Longest Streak of Losses Since 2004

[AgeOfEnlightenmentSCP]

File under MELTDOWN...

From the goofy right wing Bloomberg website...

www.bloomberg.com/news/2011-06-04/dow-falls-in-longest-slump-since-2004-amid-concern-about-economy.html

U.S. stocks fell this week, sending the Dow Jones Industrial Average to its longest streak of losses since 2004, after worse-than-estimated reports on jobs and manufacturing fueled concern earnings growth will slow.

All 10 Standard & Poor’s 500 Index groups dropped, with declines exceeding 1.3 percent. Newell Rubbermaid Inc. (NWL) sank 15 percent, leading declines in the Standard & Poor’s 500 Index, after cutting its profit forecast. J.C. Penney Co. and Stanley Black & Decker Inc. (SWK) slumped more than 6 percent as investors sold companies tied to economic growth. General Motors Co. (GM) and Ford Motor Co. (F) decreased at least 4 percent after sales growth missed projections.

The S&P 500 lost 2.3 percent to 1,300.16, the biggest weekly decline since August. Its five-week losing streak is the longest since 2008 and puts the index at its lowest level since March. The Dow fell 290.32 points, or 2.3 percent, to 12,151.26, also posting a fifth-straight weekly slump.

“It was a C-minus week for the economy,” said David Sowerby, a Bloomfield Hills, Michigan-based money manager at Loomis Sayles & Co., which oversees more than $150 billion. “These are the kind of weeks that remind investors stocks don’t just go straight up. There was enough data this week to begin to connect the dots that uncertainty remains.”

The S&P 500 has retreated 4.7 percent since closing at an almost-three-year high of 1,363.61 on April 29. The Citigroup Economic Surprise Index for the U.S. has sunk to minus 117.20, meaning reports are missing projections by the most since January 2009, two months before the S&P 500 tumbled to the lowest level in 12 years.

[pappyjohn99]

I'm sweating my company profit sharing plan. I wish I could move it into silver or PSLV.