Still, Friday’s rebound wasn’t enough to make up ground lost over the last five trading sessions. The Dow ended the week down 1.1%, while the S&P 500 finished Friday’s trading about 1.4% below its close last week. The Nasdaq, whacked by hot inflation data and rising interest rates, lost 2.3% over the same period. The Dow remains the only index with a gain for the month of May, up 1.5%.
Goldman Sachs, Boeing and Salesforce led blue-chip names higher to end the week. Some strategists noted that the week’s downtrend, coupled with a strong first-quarter earnings season, has helped root out frothiness in some of the market’s popular technology stocks.
“This has been a tumultuous week,” Fundstrat Global Advisors co-founder Tom Lee wrote Friday. “There have been multiple downdrafts in equities, triggered by panic associated with headlines. Druckenmiller and Fed criticism. CPI surge on Wednesday. And ‘tax day’ raising cash causing more selling.”
