Crash, bang, close 💥

Like a car crash, it was hard to look away from today’s stock market devastation. Friday afternoon dip buyers were MIA; why catch these falling knives? After a good run, investors deserted the materials and energy sectors, down 3.7% and 3.1%, respectively. Aussie tech woes continue, down another 1.9% for the fourth weekly drop, now the lowest since May 2020. By the close, Boral, Xero and a few goldies managed to stay in the green, but the ASX200 shed nearly 167 points or -2.3%. The market is 3% lower on the week, the most significant weekly loss in one year.


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