Wall Street got a much needed extra day off as the markets were closed Monday for the Dr. Martin Luther King Jr. federal holiday. The first half of January this year has been disastrous for the markets and the worst, first two opening weeks for the Dow and S&P 500 ever. For the first couple weeks of 2016 the Dow Jones Industrial Average is down 8.25% or over 1,400 points. The NASDAQ is down 10.36% or over 409 points, and the S&P 500 is down 8% or over 157 points.
Meanwhile, around the world most Asian and European stock indexes fell Monday with continued plunging oil prices and worries over the state of China’s failing economy lingered. The Hang Seng in Hong Kong lost 1.5%, and Japan’s Nikkei sank 1.1%. European markets fell into negative territory. Oil, meanwhile hit 2003 lows settling just under $29 a barrel, as Iran gets ready to kick up production and drive already-plunging prices even lower. U.S. and European Union sanctions against Iran were lifted on Saturday, paving the way for Iran to put its massive oil supplies back on the world market for the first time in years.
Michael Pento, president and founder of Pento Portfolio Strategies says a recession worse than 2008 could be coming. See below.
Wall Street was CLOSED on Monday, January 18th for the Dr. Martin Luther King Jr. federal holiday.
Here are the final numbers from Friday, 1/15/16 on Wall Street and from where the markets will open tomorrow.
Dow Jones Industrial Average: 15,988.08 (-390.97/ -2.39%)
NASDAQ: 4,488.42 (-126.59/ -2.74%)
S&P 500: 1,880.29 (-41.45 / -2.16%)
