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Portfolio > Economy & Markets

Market Wrap: ‘Rapture Rally’ Fails to Materialize (Update)

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The last market close before the end of the world was a bust Friday, with the Dow Jones Industrial Average losing 83.71 points for the week, or 0.66%, dropping to 12,512.04.

Christian broadcaster Harold Camping has predicted the end of world will begin this Saturday, May 21. The president of Family Radio Network announced that following the Rapture, or the ascent of the faithful into heaven, five months of “Hell on Earth” will occur for those left behind. The universe will then officially cease to exist on Oct. 21, 2011.

With that in mind, the DJIA ended down for the third consecutive week, the longest weekly losing streak since the three-week period ended August 27, 2010.

On Friday, the Dow closed down 93.28 points, or 0.74%, for the day, the first drop in three trading days and the biggest drop since May 13.

Not that it matters much since it all ends Saturday at 6:00 p.m. (with a time zone thing never really explained), but the Dow's up 22.75% from 52 weeks ago, and 91.11% from its 12-year closing low of 6547.05 on March 9, 2009.

Month-to-date the DJIA is down 2.33% and year-to-date it’s up 8.07%.

Update: "Dead"line passes. Life goes on.


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