Despite rallying late in the day and finishing with some small gains, stocks suffered their worst week since February thanks to persistent worry over the strength of the global economy and the continued rise of the Yen against the U.S. dollar.
Stephen Freedman, senior investment strategist at UBS Wealth Management Americas told CNBC-
“Generally speaking it’s still an environment where the market is somewhat still fragile. The Japanese currency really shouldn’t be a big driver of U.S. stocks but the currency move likely had greater impact due to lack of major U.S. news.”
“The yen is very symbolic. It’s a sign a central bank is losing control. They’re losing control of markets. Markets are losing faith in their abilities.”
Some economists now think that growth in the first-quarter of 2016 was non-existent and it could easily turn out to be a negative first three months of the year.
See more from CNBC’s “The Santelli Exchange” below.
Here are the final numbers from Friday, 4/8/16 on Wall Street:
Dow Jones Industrial Average: 17,576.96 (+35.00/ +.20 %)
NASDAQ: 4.850.69 (+2.32/ +0.05 %)
S&P 500: 2,047.60 (+5.69/ +0.28 %)