Finally! After seven consecutive losing weeks for the S&P 500, the index managed to close higher last week. And it was quite the move with the S&P 500 Index up more than 6% for its best one-week gain since the first week of November 2020 (Election Week).
Wall Street continued its losing streak as fears grew that inflation was causing consumers to pull back on spending, setting the stage for an imminent recession. At its lows on Friday, the S&P 500 was down roughly 20.9% from its January intraday high, exceeding the 20% threshold signifying a “bear market”.
Despite an end-of-week rally, the major U.S. equity benchmarks recorded another week of losses. It marked the sixth consecutive weekly decline for the both the S&P 500 index and the Nasdaq Composite, and the seventh for the Dow Jones Industrial Average—its longest stretch since 2001.
You don’t have to feel overwhelmed and ill-equipped for retirement. Live confidently knowing that your wealth is secure and your family’s legacy is protected.
Start Your Free Retirement Analysis