The market fell over a percent on Monday on renewed concern over European debt and the lingering effects of last Friday’s poor jobs report. On Tuesday stocks lost ground again following Moody’s Investor Services downgrade of Ireland’s credit rating to “junk”. The major indexes rebounded on Wednesday on remarks by Fed Chair Bernanke stated that the Fed would be ready to respond with further quantitative easing if the economy fails to respond in the near future. On Thursday, stocks sunk once again after Bernanke said that the Fed is not considering any further bond-buying programs. The market rebounded on Friday after Google announced a huge jump in quarterly profit, as investors used the good news to overlook the Standard’s and Poor warning that US debt might be downgraded. The Dow finished the week negative for the eighth time in the last eleven weeks.
All the major indexes lost significant ground this week.