S&P 500 Falls for Ninth Session in Longest Losing Streak Since 1980

04-Nov (WSJ) — A late afternoon slump dragged the S&P 500 to its ninth consecutive decline, its longest losing streak in nearly 36 years.

October employment data signaling solid momentum in the labor market and a bounceback in biotechnology shares had buoyed stocks for most of Friday’s trading session. Ultimately, however, caution prevailed in the final hour of trading. The tight U.S. presidential election has dragged down stocks and pushed up Wall Street’s “fear gauge” since early last week.

The S&P 500 declined 3.5 points, or 0.2%, to 2085, putting its nine-day decline at roughly 3%. The last time the S&P 500 index fell for nine days in a row was the period ending Dec. 11, 1980—when it lost 9.4%.

…The election has unnerved many investors, causing them to either sit on the sidelines or move to products they perceive as less risky, such as gold or shorter-duration bonds, as polls have tightened between the candidates.

“There’s general market anxiety driven by the election,” said Megan Greene, chief economist at Manulife Asset Management. “In the past we talked about bulls and bears. Now I think there’s a big group of investors who are just unsure.”

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