Stocks can’t hold gains and close down. S&P and NASDAQ have worst week since March

The major US stock indices traded above and below unchanged today in up-and-down trading, but each of the indices is ending the day in the red. A snapshot of the closing levels shows:

• Dow industrial average -106.60 points or -0.31% at 3393.83
• S&P index -9.96 points or -0.23% at 4320.05
• NASDAQ index -12.19 points or -0.09% at 13211.80

For the trading week, all major indices closed lower. The Dow industrial average has now declined 2 of the last 3 trading weeks. The S&P and NASDAQ index closed lower for the 3rd consecutive week.

For the NASDAQ index, the move lower this week was the largest decline since March 6. For the S&P index, it also had its worst week since March 6.

For the trading week:

• Dow industrial average fell -1.89%
• S&P index fell -2.93%
• NASDAQ index fell -3.62%

Hurting the tone in stocks are:

• Higher rates
• Concerns about government shutdown
• Higher energy prices
• Auto strikes
• Increased government debt

Technically, the Dow industrial average, NASDAQ index, and S&P index all our closing week below there 100 day moving averages.