The Week In Review
U.S. stocks staged a major reversal climbing from steep losses to modest gains to end the week. The S&P 500 was down as much as 1.6% on persistent trade uncertainty, but closed up 10 points back above its 50 day moving average. The Dow came roaring back from a 358-point loss to close up 114 points or nearly half a percent. The Nasdaq closed modestly higher. Ten of the 11 S&P 500 sectors swung positive, led by utilities (+1.7%), materials (+1.3%), and consumer staples (+1.2%). The lone exception was the health care sector (-0.1%). The late stage rally was due in part to a late day tweet from President Trump saying the tariffs may or may not be removed depending on the talks. China has two to three more weeks to get a deal done.
For the week, the Dow fell 2.1%, its biggest weekly loss since March. The S&P saw a 2.2% weekly fall and the Nasdaq shed 3%, the biggest losses for both since December. Ouch.
The ride-sharing giant, Uber came public today closing down 7% from its IPO price of $45 per share. Rival Lyft fell 7% as well at a new 52 week low.
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