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The U.S. stock market dropped again Friday, with the Dow Jones Industrials Average closing down 1.6 percent. That capped off a week of extreme volatility1 on Wall Street as investors3 continued to lose confidence in stocks because of worries about the health of the American economy and a looming4 financial crises in Europe and in Asia.
The news coming from the world’s financial markets on Friday may be grim, said Jeffrey Sica of Sica Wealth Management, but he added that the market’s overall volatility recently is an even greater cause for concern.
“I mean 400-point days four days in a row last week, and then another 400-point decline yesterday, people can’t deal with it. They have no confidence so they are very quick to sell," said Sica. "It’s just an overall lack of confidence where they wake up in the morning and turn on their television and see how bad things are in Europe and how bad things are in the U.S. economically, and it is dismal5.”
Fearing that the market will plummet6 again within days or even hours, many investors are taking their profits out of the market rather than reinvest. Sica said most have been keeping their cash, putting it into hard assets like gold, or parking it in low-risk, low-yield U.S. Treasury7 bonds.
“And we’ve seen it. We saw that money run into the 10-year Treasuries8 yesterday. You’ve seen tremendous amounts of what are called redemptions out of mutual9 funds, where people sell their mutual funds and go to cash," said Sica. "We are seeing record levels of that. And that’s because fear is ruling the show right now and it may continue for some time.”
Stocks on the New York Stock Exchange lost 4 percent over the week.
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1 volatility | |
n.挥发性,挥发度,轻快,(性格)反复无常 | |
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2 investor | |
n.投资者,投资人 | |
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3 investors | |
n.投资者,出资者( investor的名词复数 ) | |
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4 looming | |
n.上现蜃景(光通过低层大气发生异常折射形成的一种海市蜃楼)v.隐约出现,阴森地逼近( loom的现在分词 );隐约出现,阴森地逼近 | |
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5 dismal | |
adj.阴沉的,凄凉的,令人忧郁的,差劲的 | |
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6 plummet | |
vi.(价格、水平等)骤然下跌;n.铅坠;重压物 | |
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7 treasury | |
n.宝库;国库,金库;文库 | |
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8 treasuries | |
n.(政府的)财政部( treasury的名词复数 );国库,金库 | |
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9 mutual | |
adj.相互的,彼此的;共同的,共有的 | |
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10 plunged | |
v.颠簸( plunge的过去式和过去分词 );暴跌;骤降;突降 | |
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11 hovering | |
鸟( hover的现在分词 ); 靠近(某事物); (人)徘徊; 犹豫 | |
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