Wall St. ekes out gain but marks up worst week since March sell-off

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Wall St. ekes out gain but marks up worst week since March sell-off

On Friday, all three key indices of Wall St. had wrapped up the day broadly higher with the trade-sensitive Dow gaining just a notch shy of 2 per cent, as a revival of recovery hopes had re-emerged again after Thursday’s Fed-driven sell-off, suggesting a sustenance of bullish spike in the Wall St.

Nonetheless, despite Friday’s lofty gains which had downplayed the tensions of a second wave of the pandemic outbreak, all three major indices of Wall St. had flagged their steepest weekly plunge since March. On top of that, followed by Thursday’s Fed-driven sell-off, Friday’s Wall St.

had been marked by a flurry of wild swings, while the benchmark S&P 500, accountable for over forty per cent of all trading activities in the Wall St., had witnessed a session high of 3 per cent up and a session low of 0.6 per cent down.

S&P 500 closes well-above 200-day average

Concomitantly, following a lofty push from financials and tech stocks, benchmark Standard & Poor 500 had wrapped up the day well above its 200-day moving average, a closely monitored indicator that usually stems further upward spirals.

Citing statistics, on Friday’s Wall St. round off, the Dow surged 1.9 per cent to 25,605.54 and S&P 500 gained 1.31 per cent to 3,0041.31, while the tech-heavy Nasdaq Composite rose by 1.01 per cent to 9,588.81. Besides, for the week that ended on June 12, Dow reported a weekly decline of 5.6 per cent, S&P 500 shed 4.8 per cent and Nasdaq Composite had logged a weekly drop of 2.3 per cent, remarking all three Wall St.

indexes’ biggest weekly percentage decline since March 20. Meanwhile, referring to a growing market uncertainty that followed Fed’s recent remarks over a long slog towards economic recovery, a senior investment strategist at US Bank of Wealth Management in Seattle, Rob Haworth said on Friday, “You’ve gotten a pretty sizeable dip, and there’s probably some fear of missing out, some trying to (take) some value while it’s there”.