August 8, 2022

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U.S. Stocks Move Sharply Higher, Snapping Three-Week Losing Streak

2 min read

Stocks moved sharply higher during trading on Friday, extending the strong upward move seen going into the close of trading on Thursday. The major averages all showed substantial upward moves over the course of the session.

The major averages saw further upside in late-day trading, ending the session at their best levels of the day. The Dow jumped 823.32 points or 2.7 percent to 31,500.68, the Nasdaq surged 375.43 points or 3.3 percent to 11,607.62 and the S&P 500 shot up 116.01 points or 3.1 percent to 3,911.74.

With the extended rally, the major averages snapped a three-week losing streak. For the holiday-shortened week, the Nasdaq soared by 7.5 percent, while the S&P 500 and the Dow spiked by 6.4 percent and 5.4 percent, respectively.

Overseas strength carried over onto Wall Street, as traders continued to pick up stocks at relatively reduced levels following recent weakness.

Traders continue to express concerns about inflation, interest rates and a potential recession but may feel to sell-off earlier this month was overdone.

“Hopes that inflation is peaking and that the economy is still on solid footing has some investors confidently buying up heavily discounted stock,” said Edward Moya, senior market analyst at OANDA. “It seems Wall Street is starting to believe that even if the economy has a recession, it will be a short one.”

He added, “This could still be a bear market rally, but that might change if we get some less pessimistic outlooks from some major retailers next week.”

Adding to the positive sentiment, shares of FedEx (FDX) soared after the delivery giant narrowly missed fiscal fourth quarter earnings estimates but provided upbeat guidance for the current year.

FedEx has helped to lead a rally by transportation stocks, resulting in a 4 percent spike by the Dow Jones Transportation Average.

Oil service stocks also showed a substantial move back to the upside, with the Philadelphia Oil Service Index surging by 4.6 percent after ending the previous session…

2022-06-24 16:10:28

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