May 29, 2022

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Strong rally on Wall Street - best week since 2020 - E24

Strong rally on Wall Street – best week since 2020 – E24

Wall Street’s three leading indexes rose in the last trading day of the week.

Shorts sales got a lot more attention than usual last year after investors who bet on lower stock prices like Gamestop made quite a splash. Carlo Allegri/Reuters
Posted:

The major indices on the New York Stock Exchange started lower on Friday, but turned aggressively higher throughout the evening. For the broad S&P 500, it was the best week since November 2020, According to CNBC.

This is what closing time looks like:

  • The Dow Jones Industrial Average rose 0.80 percent
  • The Nasdaq Composites Tech Index rose 2.05 percent
  • The S&P 500 overall index rose 1.17 percent

positive week

The positive mood in the markets can be explained mainly by the hopes related to the Ukraine war.

Chief Strategist Jim Poulsen of Leuthold Group . noted CNBC The worst thing is the uncertainty when the crisis first occurs.

“You have no idea what it means or where you’re going, and you act like an investor to get out,” he says.

After spending some time digesting it, it may not look bad.

– It seems as if the financial result will not be as bad as it initially seemed, continues the strategist.

So far, the S&P 500 posted its strongest three-day rally since November 2020, according to Bloomberg.

“We are in day three with potential gains, and many investors believe the waters may be calmer,” said Jeff Kelberg, chief investment officer at Sanctuary Walth. CNBC Thursday.

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On Wednesday, Wall Street ended sharply after a sharp swing after the US Federal Reserve raised its interest rate.

Swinging Gamestop

Video game store chain Gamestop has fallen 10 percent from the start after the company posted a loss in the fourth quarter of last year, which includes Christmas trading, before the stock market opened. The stock ended the day with an increase of nearly four percent.

The US media described the loss as “sudden”.

  • Net sales for the period amounted to $2.25 billion, compared to $2.12 billion for the same period last year.
  • The net loss during the period amounted to $148 million, compared to a profit of $81 million in the same period last year.

In connection with the report, the Gamestop director stated that the company was affected by the omicron variable and bottlenecks that characterize global value chains.

The Gamestop stake has been widely discussed in the past year, in the wake of a situation in which amateur investors from the forums sacked short sellers, often hedge funds, by putting themselves up for high-quota short-selling stocks — including Gamestop and the so-called “meme” are involved.

Gamestop’s closing price reached at most $347.5, while on Friday it reached $92.