Stocks dropped sharply this week due to pessimism and uncertainty about the future of the U.S. economy. The S&P 500 index closed this week at 770, down 6.9%, the Dow Jones Industrial Average fell 6.1% and the NASDAQ composite index went down 6%. As indicated in the chart below, the S&P 500 index has fell below its November low of 800. Since the 800 support level has been broken, we going to see further deterioration in stock market.
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