The Down Jones Industrial Average is down for its sixth day in a row, making this the longest losing streak for the market since August 2013. Dow closed at 16,117.24 Thursday but fell all the way down to 15,935.22.
Better than expected earnings reports helped erase the earlier losses and helped the Dow climb back up to the 16,100 range.
“The market is not trading off of fundamental news, it is trading off worries, whether it’s the importing of weak economic growth or Ebola,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott.
The CBOE Volatility Index or VIX went down by 3.1 percent which indicates that investors are not confident in the performance of the markets.
“We do all have short-term memories and really have never gotten away from 2008 and 2009. Even though the market was up double digits last year, and started off well this year, there hasn’t been a time in the last six years where people have had really strong convictions about this bull market,” Chip Cobb, portfolio manager at BMT Asset Management told CNBC.
Despite of the unveiling of new Apple products, the company’s shares are down again Thursday after failing to impress with the new iPads. The tech giant also refreshed its desktop computer units, the iMac, but the investors seemed to be not too pleased with the announcement. Apple closed down 1.3 percent at $96.26.
Netflix, a media streaming company, fell by almost 20 percent after subscriber count went down which disappointed Wall Street.
While most of the stocks are falling down, Bank of America went up Thursday by over 2 percent. The financial giant also had high volume as well with 94,583,500 shares traded.