he market’s three-week winning streak is all over after yesterday’s epic plunge, but stocks regrouped on Friday and managed to get back some of those hefty losses.
It was a volatile session that saw the Dow soar by more than 800 points early before giving it all back. However, it finished with a rise of 1.9% (or about 477 points) to 25,605.54. The index lost more than 1860 points on Thursday.
Money flowed back into ‘reopening names’ like airlines, financials and cruise companies despite recent concerns that the recovery may not be as vibrant as hoped.
The S&P was up 1.31% to 3041.31 and the NASDAQ rose 1.01% (or about 96 points) to 9588.81. Both of these indices dropped more than 5% yesterday.
For the week, the Dow was off about 5.5%, while the S&P dipped 4.7% and the NASDAQ slipped 2.3%. While that’s a pretty rough performance, the indices actually gained more last week when optimism peaked.
Stocks had a great start to June as investors felt pretty confident about the economy recovering and started showing some love to beaten-down areas that would benefit most from the reopenings.
However, rising coronavirus cases in some areas and a less-than-enthusiastic outlook from Fed Chair Jerome Powell suggested to investors that this optimism had gone too far and the market was overheated.
It was a volatile session that saw the Dow soar by more than 800 points early before giving it all back. However, it finished with a rise of 1.9% (or about 477 points) to 25,605.54. The index lost more than 1860 points on Thursday.
Money flowed back into ‘reopening names’ like airlines, financials and cruise companies despite recent concerns that the recovery may not be as vibrant as hoped.
The S&P was up 1.31% to 3041.31 and the NASDAQ rose 1.01% (or about 96 points) to 9588.81. Both of these indices dropped more than 5% yesterday.
For the week, the Dow was off about 5.5%, while the S&P dipped 4.7% and the NASDAQ slipped 2.3%. While that’s a pretty rough performance, the indices actually gained more last week when optimism peaked.
Stocks had a great start to June as investors felt pretty confident about the economy recovering and started showing some love to beaten-down areas that would benefit most from the reopenings.
However, rising coronavirus cases in some areas and a less-than-enthusiastic outlook from Fed Chair Jerome Powell suggested to investors that this optimism had gone too far and the market was overheated.