Just when investors thought it couldn't get any worse, it did. After finishing its worst month in two years on Thursday, The Dow Jones Industrial Average
Despite the short week, the Dow dropped 2.7% in four trading days as reports showed U.S. employers added far fewer jobs in May than expected, and manufacturing data from the U.S. and around the world was almost universally disappointing. And that's not even taking into account the continuing mess in Europe. Investors remain worried about a possible Greek exit from the eurozone, and there was increasing concern this week that Spain could be in need of a bailout as well.
But even though the Dow had a particularly rough week, there were individual stocks that fared even worse.
Change This Week
ExxonMobil was the biggest loser on the Dow this week, dropping 5.1%. Oil fell more than 8% on the week to below $84 a barrel as disappointing economic data from around the world raised the likelihood of lower future global energy demand, certainly not good news for the company.
Manufacturing giant Caterpillar also had a terrible week, dropping nearly 5%. Weak guidance on future mining demand from rival Joy Global
Tech stalwart Hewlett-Packard also wound up having a horrible week. Its stock was actually in positive territory by Thursday's close, but an analyst downgrade and the weak economic reports sent the stock plummeting 6.3% Friday. Analyst Peter Misek of Jeffries & Co. downgraded HP to "hold" from "buy," citing the company's inability to capitalize on key growth areas in tech, smartphones. and tablet computers. Investors hope HP's new strategy and the cost savings from reducing its workforce by 8% will help its falling stock price; it's now dropped more than 42% in the past year.
The big picture
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Brendan Byrnes owns shares of Caterpillar. The Motley Fool owns shares of Joy Global and has a disclosure policy. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.