Dow Snaps 4-Week Losing Streak

All the major indexes have a strong Friday
By Newser Editors and Wire Services
Posted Mar 3, 2023 3:26 PM CST
Dow Snaps 4-Week Losing Streak
Visitors to the financial district walk past the New York Stock Exchange in this file photo.   (AP Photo/Mary Altaffer, File)

Stocks rallied on Wall Street on Friday, climbing to their biggest gain in six weeks.

  • The S&P 500 jumped 64 points, or 1.6%, to 4,045.
  • The Dow rose 387 points, or 1.1%, to 33,390.
  • The Nasdaq rose 226 points, or nearly 2%, to 11,689.
  • For the week, the Dow rose 1.7% and snapped a four-week losing streak, per CNBC. The S&P rose 1.9% for the week, and the tech-heavy Nasdaq climbed 2.5%

On Friday, more data showed up to show the economy is in better shape than thought: Growth for services industries last month was a touch stronger than economists expected, per the AP. That's a good sign for the economy and helps calms worries about an imminent recession, particularly when manufacturing has been struggling. But it also could add pressure on inflation. Instead of sending stocks lower and yields higher, as stronger-than-expected data did much of last month, markets reacted in the opposite way.

Costco Wholesale on Friday reported stronger profit for its latest quarter than expected, but its revenue fell short of forecasts. Its stock fell 2.4%. Shares of Silvergate Capital, a bank for crypto companies, were swinging sharply a day after more than halving. Crypto companies have been cutting off business with the bank, which warned earlier this week that it won't be able to file its annual report with regulators in time and that it could be “less than well-capitalized.” After falling through much of Friday, its stock recovered to gain 7.2%. On the winning side was Cooper Cos., a medical device maker that reported stronger profit and revenue than Wall Street expected. It climbed 7.6%. Broadcom gained 5.8% after it also beat expectations for quarterly profit and revenue.

(More stock market stories.)

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