It was a bullish trading week for U.S. stocks as the major indexes have returned to winning ways as they ended a three-week losing streak.
The New York Stock Exchange (NYSE) All Share Index (ASI) gained 5.07% for the week, its third-largest weekly gain for the year so far. The NYSE has now ended a three-week losing streak. It opened, trading at 14,097.00 basis points and it closed the week trading at 14,811.50 basis points. Of the four trading sessions seen during the week, the NYSE posted gains for three of the trading sessions, with the bulls having reasons to dominate the market.
The NASDAQ also ended bullish as it posted gains of 7.49% during the week under consideration. It started at a basis point of 10,974.05 and ended the week at 11,607.62 basis points. The Dow Jones and the S&P 500 also posted gains of 5.42% and 6.45% respectively. Both have ended their three-week losing streak as well.
What’s moving the market?
All major indexes rallied more than 5% for the week, to wrap up a big comeback week for the stock market that followed the worst weekly decline since the start of the pandemic. Investor hopes were raised Friday by economic data that included better than expected new home sales for May and a slight improvement in inflation expectations from the latest University of Michigan survey of consumer sentiment, which was seen as potentially reducing the urgency for steeper interest rate hikes by the Federal Reserve.
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