Markets Snap 3-Day Losing Streak

Tech stocks help, as does a good report on jobless claims
By Newser Editors,  Newser Staff
Posted May 20, 2021 3:15 PM CDT
Markets Snap 3-Day Losing Streak
In this photo provided by the New York Stock Exchange, Robert Charmak, left, talks with a fellow trader on the floor Thursday.   (Courtney Crow/New York Stock Exchange via AP)

Good news on jobless claims and a strong day for tech stocks helped the market snap a three-day losing streak, reports the Wall Street Journal. The Dow rose 188 points, or 0.5%, to 34,084; the S&P 500 rose 43 points, or 1%, to 4,159; and the tech-dominated Nasdaq rose 236 points, or 1.7%, to 13,535. Technology and communication stocks led the way on Thursday, with Apple up 2% and Alphabet 1.6% in afternoon trading, notes the AP. As has been the case of late, investors remained on edge over inflation concerns.

“There’s a bit of churning going on in the markets,” Tom Martin of Globalt Investments tells the AP. “Here we are near all-time highs on the S&P 500, and there's so much uncertainty about what is actually happening with inflation, how long it's going to last and how the Fed will react.” Another analyst tells the Journal that the inflation picture might not be clear until September, meaning that lots of market volatility can be expected in the interim. (Read more stock market stories.)

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