Stocks recover but end the week with a loss
Wall Street ended higher on Friday at the end of a large rally, an optimistic conclusion for a week of missteping buying and selling as signs of an economic rebound battled growing nervousness from inflation.
All three of the major US indices leaned on Thursday’s gains, when the S&P 500 posted its largest single-day percentage gain in more than a month.
“It’s a day when everything buys,” said Chuck Carlson, senior vice president at Wealthspire Advisors in New York City.
Yet the indices suffered their biggest weekly declines since late February.
The big swings this week have been fueled by economic data, which has fueled fears that short-term price spikes could translate into long-term inflation, despite assurances to the contrary from the Federal Reserve.
Economic data released on Friday showed slower growth in retail sales and weaker consumer confidence as prices continue to rise, suggesting that while the demand boom may come to a halt, inflation will fail. did not.
But in an indication that economic activity may return to normal, revised guidelines this week from the Centers for Disease Control and Prevention said fully vaccinated people no longer needed to wear masks outside and could avoid to wear them indoors in most places.
The S&P 500 gained 1.5% on Friday, but ended the week 1.4% below last week’s close. The Nasdaq composite jumped 2.3% on Friday.
The top 11 S&P sectors ended the session green, with energy, boosted by the rebound in crude oil prices, recording the largest percentage gain.
Walt Disney Company shares fell after subscriber additions to its Disney + streaming service fell short of expectations.
Airbnb reported a 52% increase in bookings, pushing up their inventory.