Wall Street Extends Weekly Losing Streak Despite Upbeat Session

The S&P 500 inched away from bear market territory

Assistant Editor
May 13, 2022 at 4:34 PM
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After a tumultuous week, Wall Street's midday rally held strong through the closing bell. The Dow added 466 points -- snapping a six-day losing streak -- but still logging a seventh-consecutive weekly loss. Investors helped steer the S&P 500 away from bear market territory and it closed with a substantial win today, while the tech-heavy Nasdaq added triple-digits to score its best session since late February. Both indexes, however, nabbed their sixth-consecutive weekly dip. Elsewhere, the Cboe Market Volatility Index (VIX) locked in its second-straight week of losses. 

Continue reading for more on today's market, including:

  • Second-hand clothing stock that just brushed off bear notes.
  • Wait to buy this dip on this this retail name.
  • Plus, Schaeffer's latest podcast episode; why Twitter stock took a dive; and crypto exchange founder takes stake in online brokerage.

The Dow Jones Average (DJI - 32,196.66) added 466.4 points, or 1.5% today, but lost 2.1% for the week. Nike (NKE) led the long list of Dow winners today, adding 4.7%, while Johnson & Johnson (JNJ) paced the five laggards with a 0.6% drop.

The S&P 500 Index (SPX - 4,023.89) gained 93.8 points, or 2.4% for the day, while the Nasdaq Composite (IXIC - 11,805.00) tacked on 434 points, or 3.8% for the session. The indexes shed 2.4% and 2.8%, respectively, this week.

Lastly, the Cboe Market Volatility Index (VIX - 28.87) lost 2.9 points, or 9.1%, and 4.2% this week.

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5 Things to Know Today

  1. Despite bipartisan support from Senate Democrat and Republican leaders, Senator Rand Paul stymied the release of $40 billion in aid to Ukraine. (Reuters)
  2. A leading House Democrat has asked U.S. President Joe Biden to replace IRS Commissioner Charles Rettig, after the controversial destruction of data. (CNBC)
  3. Schaeffer's Market Mashup features Jermal Chandler from tastytrade in this week's episode.
  4. Why Elon Musk paused his purchase of Twitter.
  5. This online brokerage stock popped after investor stake.

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Gold Prices Crater to 14-Week Low

Gasoline prices continue to skyrocket, with just a few weeks until the summer driving season kicks off. Oil added 0.7% for the week, and for today's session June-dated crude jumped $4.36, or 4.1%, to settle at $110.49 per barrel

Gold futures, meanwhile, hit a 14-week low to close out another volatile week on Wall Street, locking in its fourth-straight week of losses. The U.S. dollar's recent surge weighed on bullion, as investors continue to hedge against inflation. In response, June-dated gold shed $16.40, or 0.9%, to settle at at $1,808.20 an ounce. The yellow metal dropped 3.9% this week -- its worst five-day performance since June 2021.

 




 
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