The Nasdaq Is on its Worst Losing Streak Since January 2008: Chartby
Index has declined 9.2 percent over the last eight sessions
Biotechnology shares have plunged 15 percent to pace losses
Here’s another measure of how painful it’s been to own stocks in 2016.
After flirting with a gain in the final 30 minutes of trading, the Nasdaq Composite Index ended up extending its losing streak to eight days, the longest skid since January 2008. The Nasdaq Composite has lost 9.2 percent over the period, during which 87 percent of stocks in the gauge declined.
A worldwide rout has been sparked by worries that an economic slowdown in China is worse than anticipated. Even data showing resilience in the U.S. labor market couldn’t halt losses in the Nasdaq Composite on Friday. Biotechnology shares in the index have led losses, with a 15 percent rout in the eight days.
Declines in Apple Inc., the biggest component of the Nasdaq Composite at 7.8 percent, has contributed to weakness in the gauge. Apple is down 26 percent since reaching record high on Feb. 23 of last year. Intel Corp., which carries the seventh-biggest weighting in the index, will report quarterly earnings on Thursday. The chipmaker is down 6.9 percent in 2016.