Thanksgiving Stocks at Lowest Level Since the Depression

Posted: Nov 25, 2011 4:18 PM

Looks like the economy could use that Black Friday boost; the Dow is down at its lowest level since the Great Depression in 1932.


Stocks closed in negative territory in thin, shortened trading Friday as investors were reluctant to go long ahead of the weekend and amid ongoing worries over the euro zone.

The Dow and S&P posted their worst Thanksgiving week since the Great Depression on a percentage basis.

The Dow Jones Industrial Average erased their gains to finish lower, led by H-P [HPQ  25.39    -0.39  (-1.51%)   ] and Chevron [CVX  92.29    -1.46  (-1.56%)   ].

The S&P 500 and the Nasdaq also ended lower, logging a seventh consecutive decline. Some traders are watching for 1,150 on the S&P as the next key level.

The CBOE Volatility Index, widely considered the best gauge of fear in the market, ended above 34.

Among key S&P sectors, consumer staples and utilities led the gainers, while energy and techs lagged.

Much of the torpor is due to uncertainty in the Euro Zone, and investors are keeping an eye on retail giants to see if consumer confidence is increasing. Meanwhile, this week's poor economic performance puts the 2012 elections into even clearer focus; much is on the line, as President Obama's economy is truly as bad as it gets.