Wall Street breaks 7-week losing streak, longest since 2001: KPRC2
In this photo provided by the New York Stock Exchange, traders gather at a post on the floor, Friday, May 27, 2022, in New York. Stocks rose in morning trading on Wall Street Friday, keeping the market on track for its first weekly gain after seven weeks of losses. – Technology companies led a broad rally for stocks Friday as Wall Street notched its best week in 18 months. The gain broke a seven-week losing streak for the market, the longest such stretch since 2001.
The strong finish for the week came as investors received potentially encouraging news about inflation. The Commerce Department said thatfrom a year earlier, the first slowdown since November 2020 and a sign that high prices may finally be moderating, at least for now. The S&P 500 ended 100.40 points higher at 4,158.24. The Nasdaq rose 390.48 points to 12,131.13. It was the third straight gain for both indexes. The Dow rose 575.77 points to 33,212.96, its sixth-straight gain.The broader market has been in a slump for nearly two months as concerns about inflation and rising interest rates pile up.
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