The major indices extended their downturn, but pulled up before hitting
this week's low point, which was registered late in the previous
session. Stocks have since made an upward move, lifting the Dow and
S&P 500 back into positive ground.
The major indices continue to show losses for the week. At their
current levels, the Dow has shed 4.2% this week, while the Nasdaq is
down 6.5% this week and the S&P 500 is off by 5.3% this week.
The consumer discretionary sector has fared the poorest week-to-date;
it is down 8.0% during that time. Fears of a prolonged global
recession have investors moving out of the sector as revenue and
earnings prospects for its businesses dim. The notion that consumers
will be spending less amid higher unemployment, tighter credit, and
tumultuous financial markets has unnerved investors.