Dow Gains, but Can't Avoid 7-Week Losing Streak

Index rises 466 points
By Newser Editors and Wire Services
Posted May 13, 2022 3:06 PM CDT
Dow Gains, but Can't Avoid 7-Week Losing Streak
The New York Stock Exchange.   (AP Photo/John Minchillo, File)

Stocks rallied on Wall Street Friday, but not enough to claw back all the losses the market has taken in this volatile week of trading, per the AP. The Dow rose 466 points, or 1.4%, to 32,196; the S&P 500 rose 93 points, or 2.3%, to 4,023; and the Nasdaq rose 434 points, or 3.8%, to 11,805. Technology stocks led the gains: Apple rose 2.4% and Microsoft rose 1.5%. The sector has been behind much of the broader market’s volatility throughout the week and has been slipping overall as investors prepare for higher interest rates, which tend to weigh most heavily on the priciest stocks.

“Just as trees don’t climb to the sky, prices don’t fall forever,” Sam Stovall, chief investment strategist at CFRA, tells CNBC. “Even in corrections and approaching bear markets, they tend to experience relief rallies, which is what the markets appear to be starting today.” Despite Friday's gains, the Dow registered its first seven-week losing streak since 2001. (And Twitter fell about 9% after Elon Musk put his deal to buy the platform on hold.)

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