Wall Street Closes Mixed, and the Nasdaq Says Goodbye to its Worst Week
Wall Street closed in the mixed territory this Friday, with the Dow Jones Industrial Average and the S&P 500 in green but with losses on the Nasdaq. The New York Stock Exchange said goodbye to its worst week since the pandemic’s peak in March. It’s conflict was due to the high volatility in the technology sector.
At the end of the New York Stock Exchange operations, the Dow Jones added 0.48% or 131.06 points to 27,665.64 units. Meanwhile, the selective S&P 500 advanced a slight 0.05% or 1.78 points, up to 3,340.97.
The Nasdaq index fell 0.60% or 66.05 units to 10,853.54 integers, weighed down by big names in technology such as Amazon (NASDAQ: AMZN) (-1.85%), Apple (NASDAQ: AAPL) (-1.31%), Microsoft (NASDAQ: MSFT) (-0.65%), Alphabet (NASDAQ: GOOGL) (-0.74%) or Facebook (NASDAQ: FB) (-0.55%).
By sectors, the highest gains were for industrial (1.39%) and raw materials (1.31%), with technology (-0.75%) as the most affected.
The three indicators recorded declines in the whole of the week. The week was shorter than usual due to the Labor Day holiday. The Dow Jones decreased by 1.7%, the S&P 500 lost 2.5%, and the Nasdaq saw a remarkable 4.1% drop.
This is the second consecutive week down in the US market.
How Do Analysts Feel?
According to Mark Hackett, an analyst, the New York trading platform is likely to remain in a period of directionless volatility as bulls and bears’ battle between strong Fed liquidity and an improving economic climate, extended uncertainty, and elevated valuations.
The day began with a rebound in all three indicators. Still, the Nasdaq returned to stay in the red for the second day in a row. It was unable to recover from three massive selling sessions that culminated on Tuesday with its brief entry into the correction zone.
Experts attribute the market’s volatility to the high capitalization of large technology companies. They have advanced unstoppably during the most challenging pandemic months and now make people doubt whether the bubble has peaked
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. Subscribe now and receive FREE updates on the market today!