Wall Street snaps longest losing streak

NEW YORK:

Wall Street closed sharply higher on Friday as signs of peaking inflation and consumer resiliency sent investors into the long holiday weekend with growing optimism that the Federal Reserve will be able to tighten monetary policy without tipping the economy into recession. All three major US stock indexes brought a decisive end to their longest weekly losing streaks in decades. The S&P and the Nasdaq suffered seven consecutive weekly declines, the longest since the end of the dot-com bust, while the blue-chip Dow’s eight-week selloff was its longest since 1932. “The market has now discounted a lot of the negative news, a lot (of which) hit all at once,” said GLOBALT Portfolio Manager Keith Buchanan in Atlanta. “Now we have absorbed that news and the actions the Fed is going to take, and we’re wrapping up earnings season”. 

Published in The Express Tribune, May 29^th, 2022.

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