Dow Tumbles Over 100 Points as Investor Sentiment Weakens
The Dow Jones index fell by more than 100 points on Friday, recording its first weekly loss in months. The drop comes as investor sentiment weakens, with the CNN Money Fear and Greed Index showing a decline in overall market sentiment.
Despite this, the Fear and Greed Index remains in the 'Greed' zone, indicating that investors are still optimistic about the market's prospects. However, the index's reading of 65 on Friday was down from its previous level of 66.6.
The S&P 500 managed to eke out a small gain for the third straight week, rising by 0.4%, while the Nasdaq also rose by 0.1%. However, the Dow's weekly loss of 0.6% was a more significant development.
The economic data released on Friday showed that consumer sentiment in the US had declined to 51 in early August, missing market estimates of 54.5. Retail sales also fell 0.6% month-over-month in July, following a 0.2% gain in June and disappointing expectations of a 0.1% rise.