The longest streak of weekly losses for “Dow Jones” since 1980


Nasdaq has lost a quarter of its value since the beginning of the year
78% of companies achieved results that exceed expectations

Despite the daily gains at the end of the week, US stock indices recorded one of their longest consecutive weekly declines; Where the Standard & Poor’s and Nasdaq indices continued their sixth consecutive weekly loss, which is the longest streak of consecutive losses since the fall of 2012 for Standard & Poor’s and since the spring of 2011 for the Nasdaq index, as well, the Dow Jones recorded its seventh weekly decline in a row, which is the longest streak of consecutive losses since late winter 1980.
The Dow Jones Industrial Average rose 466.36 points, or 1.47 percent, in the weekend’s session, to close at 32,196.66 points.
The Standard & Poor’s index rose, on Friday, by 93.81 points, or 2.39 percent, and closed the week above 4023 points, after losing the level of 4000 points during the week. The Nasdaq index rose 434.04 points, or 3.82 percent, on Friday, to close the week at 11,805 points.

wild fluctuations

Wall Street rose on Friday, ending a week of wild volatility in the market; Relief from signs of peak inflation rivaled fears that monetary policy tightening by the Federal Reserve could push the economy toward collapse.
The gains were driven by a rebound in big tech stocks and their neighboring stocks, which sold off in recent sessions as Treasury yields soared and investors worried that the Federal Reserve might raise interest rates more aggressively than expected.
In addition, Bank of America analysts wrote in a weekly strategy note that markets are likely to see a recovery in the short term before resuming the sell-off that has brought down the Nasdaq tech index on Wall Street by more than 25% since the start of the year.

Indicators and data

In the past six trading days, the Labor Department has provided four economic reports — wage growth, the consumer price index, the producer price index and import prices — which, together, have suggested inflation peaked in March, welcome news to market participants who fear that the Fed May lead to stagnation with overflow. of higher interest rates to combat inflation.
Federal Reserve Chairman Jerome Powell, who was confirmed by the US Senate for a second term on Thursday, reiterated the central bank’s determination to fight inflation, but said he believed the economy could avoid a dangerous recession.
The first quarter reporting season has reached the final stage; 458 companies reported it to Standard & Poor’s, and according to Refinitiv, 78% of those reported results above consensus.
For the first three months of the year, analysts now see S&P overall earnings growth year-over-year of 11.1%, up from 6.4% at the end of the quarter.

European stocks

European shares rose, on Friday, and recorded their first weekly gains in five weeks, with a wave of bargain-hunting dominated after concerns about tightening monetary policies and slowing global economic growth.
The pan-European Stoxx 600 index rose 2.1 percent, led by the travel, leisure and banking sectors.
Global markets, especially the US stock market, were characterized by highly volatile trading this week as investors fear that tight financial conditions and the US Central Bank’s readiness for a series of interest rate hikes to contain inflation will push the economy into recession.
On Thursday, Federal Reserve Chairman Jerome Powell reiterated his expectation that the bank would raise interest rates by half a percentage point during the next two monetary policy meetings, alleviating concern of a larger increase of 75 basis points that some investors had expected.
After calculating Friday’s gains, the Stoxx 600 index ended four consecutive weekly losses.
Deutsche Telekom shares rose 2.1 after the company raised its annual revenue forecast.
Shares of French retailer Casino Group jumped 9.9 percent after Les Echos reported that French energy companies Total Energies and Engie aimed to acquire its renewable energy unit, valued at 1.5 billion euros ($1.6 billion).