What happened to the stock market Friday: 3-week winning streak snapped

spike

Traders with masks work on the first day of in-person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020.

Brendan McDermid | Reuters

Dow Jones Industrial Average rises 477 points

3-week winning streak snapped

The major averages posted their first weekly declines in four as rising concerns over a possible coronavirus resurgence spooked the recently soaring market. The Dow ended the week down 5.55% while the S&P 500 dropped 4.78%. The Nasdaq posted a weekly loss of 2.30%. Those losses marked Wall Street’s worst one-week performance since March 20, when they all plunged at least 12%. “We had gone straight up more than 30% without a real sell-off, so you’re due for one, and I don’t think it’s the worst thing in the world,” says one trader. “As more states get back, the question becomes: Are they going to ramp up fast enough to please Wall Street? What you’re seeing is it’ll be hard to do that.”

Tech falls

Shares of major tech companies were under pressure, dragging down the broader market.  Netflix lost 1.76 and Amazon slid 0.51%.

What happens next?

Retail sales data are set for release next week. Federal Reserve Chairman is set to speak Tuesday and Wednesday.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Source Article

Next Post

'We didn't really know' where hot spots were

Dr. Scott Gottlieb on Friday defended the widespread initial lockdown measures put in place by state and local governments to help limit coronavirus spread, arguing public health officials did not have enough information to implement narrow shutdowns.  “Could we have targeted the shutdown better to the hot spots? The problem was, we didn’t […]