The S&P 500 came within striking distance of a 10% drop from its all-time high earlier this week, what Wall Street calls a correction. Friday’s gains reflect, in part, traders taking advantage of the selling to snap up stocks at lower prices.
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The selling, which accelerated in the afternoon, was widespread, though technology stocks accounted for the biggest losses. The decline deepens the benchmark index’s September slide to 7.5% after a five-month rally.
Tuesday’s market rebound has been the exception this month. Wall Street has suddenly lost momentum in September following months of powerful gains that returned the S&P 500 to a record.
Wall Street has been shaky this month, and the S&P 500 has dropped 8.4% since hitting a record Sept. 2 amid a long list of worries for investors.
The financial sector was hit hard Monday following a report alleging that a number of banks have continued to profit from illicit dealings with disreputable people and criminal networks
The selling was widespread, with eight of the 11 sectors that make up the benchmark index ending the day lower. The sectors that include Amazon, Facebook and Apple took the heaviest losses.
AstraZeneca added 0.5% following news over the weekend that clinical trials for the pharmaceutical company’s coronavirus vaccine will resume after being paused due to a reported side-effect in a patient
Technology shares led the rebound, just as they led the three-day sell-off that slashed 10% off the Nasdaq, dragging the tech-centric index into correction territory.
Even though the S&P 500 is near a record high, just 15 of 55 Indiana public companies tracked by IBJ are up for the year.
Wall Street kicked off September with another set of milestones Tuesday, as an afternoon rally carried the S&P 500 and Nasdaq composite to all-time highs.
The Dow Jones industrial average clawed its way back to a tiny gain for the year, the first time the Dow has been up for 2020 since late February.
The S&P 500 rallied 34.12, or 1%, to 3,431.28 and added to the all-time high it set last week, when it erased the last of its losses from the coronavirus pandemic.
An amazing, monthslong rally has put the S&P 500 back to where it was before the pandemic, even though millions of workers are still unemployed and businesses continue to close across the country.
For a third time in the past week, the S&P 500 popped above the closing record during the session, but ended below the Feb. 19 record close of 3,386.15.
The S&P 500 index climbed as high as 1.6% on Wednesday, topping the level reached on Feb. 19, before fading a bit before the market’s close.
Gains for tech stocks, particularly Microsoft and Apple, pushed the Nasdaq composite up 1.5%, to another record.
The stock market was dragged down by a report showing layoffs are picking up across the country along with coronavirus counts.
The rally, which gained strength in the final hour of trading, nudged the benchmark S&P 500 index to a slight gain for the year and drove the Nasdaq composite to an all-time high.
The market’s latest moves came as earnings reporting season kicked off. Like the broader market, financial stocks drifted between gains and losses for much of the day before turning higher in the afternoon.