Wall Street rallies, snapping its longest weekly losing streak in decades
Gap, American Eagle Outfitters cut profit forecastsNEW YORK, May 27 - Wall Street closed sharply higher on Friday as signs of peaking inflation and consumer resiliency sent investors into the long holiday weekend with growing optimism that the Federal Reserve will be able to tighten monetary policy without tipping the economy into recession.
The S&P and the Nasdaq suffered seven consecutive weekly declines, the longest since the end of the dot-com bust, while the blue-chip Dow's eight-week selloff was its longest since 1932."The market has now discounted a lot of the negative news, a lot hit all at once," said Keith Buchanan, portfolio manager at GLOBALT in Atlanta. "Now we have absorbed that news and the actions the Fed is going to take, and we’re wrapping up earnings season.
During the S&P's seven straight weeks of losses, from its April 1 to May 20 Friday closes, the bellwether index shed 14.2% of its value and threatened to confirm it has been in a bear market since its Jan. 3 record closing high. "It was inevitable that the losing streak would end," said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York. "Corrections and bear markets are followed by 'up' markets."
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