US stocks rebounded strongly
Closing Friday’s session (US time), the Dow Jones Industrial Average rose 466.36 points to 32,196.66, equivalent to an increase of 1.47%. The S&P 500 gained 2.39% to close at 4,023.89 and the Nasdaq Composite added 3.82% to 11,805.
The S&P 500 index had its best gain since May 4, while the Nasdaq was from November 2020. However, the above-mentioned increases could not offset the sharp decline in the past week.
The S&P 500 and Nasdaq indexes posted a sixth straight weekly loss, the longest losing streak since the fall of 2012 for the S&P 500 and since the spring of 2011 for the Nasdaq. Meanwhile, the Dow Jones Industrial Average recorded its seventh consecutive weekly decline, its longest losing streak since the late winter of 1980.
Wall Street last week was strongly affected by the uncertain statement about a “soft landing” of the US economy from Fed Chairman, Jerome Powell.
Last week, US stocks fell sharply, which is thought to be caused by rising interest rates when the US Federal Reserve (FED) tried to control prices by raising interest rates. Also this Thursday, Fed Chairman Jerome Powell said that he cannot guarantee a “soft landing” (reducing inflation without triggering a recession).
Talking more about the last session of the week, all 11 major industry groups of the S&P 500 ended the session in the green. Consumer stocks had the largest percentage gain (up 4.1%), followed by information technology (up 3.4%).
Technology stocks rebounded strongly after a series of strong declines. Meta Platforms and Alphabet are up 3.9% and 2.8%, respectively. Tesla up 5.7%, Apple up 3.2%…
Twitter decline is rare. Shares of this social network fell 9.7% after Elon Musk decided to halt a $44 billion buyback deal. Musk explained that he made the decision after receiving information that fake accounts on Twitter account for less than 5% of users of this social network.
“I wouldn’t be surprised if we see another week or two of price declines, but you have to look through the indices and see the fundamentals of the market. What we’re seeing today are some quality names going on. really strong recovery,” said Oliver Pursche, senior vice president of Wealthspire Advisors.
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