The market snapped some losing streaks on Friday. The Dow rose 575 points, or 1.7%, to 33,212; the S&P 500 rose 100 points, or 2.4%, to 4,158; and the tech-dominated Nasdaq rose 390 points, or 3.3%, to 12,131. For the Dow, the surge ends an eight-week losing streak, while the other two indexes ended their weekly losing streaks at seven, reports CNBC. Generally this week, investors were pleased with reports showing that consumers continue to spend despite high inflation, per the Wall Street Journal. Strong earnings reports from the likes of Macy's and Dollar Tree helped.
“We’re taking a breather here and making some adjustments in the market to allow for that,” Tom Martin of Globalt Investments tells CNBC. “We have come a long way down pretty fast and if we can stabilize here then the declines we’ve seen might be all that’s needed, or something close to that.” For the week, the Dow was up 6.2%, the S&P 5.6%, and the Nasdaq 6.2%. The Dow and S&P had their best weeks since November 2020. (More stock market stories.)
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