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Markets surged Friday, paring back some of the heavy losses in recent days as investors helped the benchmark S&P 500 stay clear of bear market territory, though stocks are still on track for their sixth consecutive week of losses amid the brutal selloff this year.
Enough already: Stocks are on one of their longest weekly losing streaks since at least 2001.
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Stocks widely rebounded, paring back some of the heavy losses from earlier in the week: The Dow Jones Industrial Average rose 1.5%, nearly 500 points, while the S&P 500 jumped 2.4% and the tech-heavy Nasdaq Composite 3.8%.
Consumer, technology and energy stocks led the broad market rally on Friday, with all 11 sectors in the S&P 500 moving higher despite the index hitting a new low point for 2022 a day earlier.
Barring the “epic rally on the final trading day of the week, both the S&P 500 and Nasdaq will put in their sixth straight week of losses today,” one of the longest weekly losing streaks since at least 2001, according to data from Bespoke Investment group.
Despite the rebound, the Dow, S&P 500 and Nasdaq have all fallen by 2% or more this week thanks to heavy selloffs in recent sessions, as investors have largely continued to offload stocks amid increased market uncertainty.
Beaten-down tech stocks, which have led market declines this year, jumped on Friday: Facebook parent Meta, Netflix, Amazon and Google parent Alphabet all rose by around 4% or more.
Shares of electric vehicle maker Tesla shot up over 7%, while two heavily shorted meme stocks, GameStop and AMC Entertainment, surged by 12% and 7%, respectively.