In a manic week full of previously unthinkable market moves, Wall Street ended Friday with one reminiscent of what things were like before the coronavirus outbreak upended everything.
The S&P 500 glided to a gain of 1.4%, with Apple, Microsoft and other technology stocks leading the way, as they did so many times before the economy shut down in hopes of slowing the spread of the outbreak. The bond market was quiet, while crude prices climbed again.astonishing plummet for oil
The S&P 500 still lost 1.3% for the week as worries about the economic damage dealt by the coronavirus outbreak outweighed hopes that businesses could soon reopen. That snapped the first two-week winning streak for the S&P 500 since it began selling off in February.Reports piled higher through the week showing the pandemic is bludgeoning the economy even more than economists had feared. Roughly 1 in 6 U.S. workers have filed for unemployment benefits over the last five weeks.
The big question for markets is when the economy can reopen. Many investors have essentially agreed to swallow horrific corporate profits and economic data in upcoming months, and they’re turning their focus to who can survive and eventually grow their profits in the future. Gains for big tech stocks led the way. Tech makes up an outsize portion of the S&P 500 following years of market dominance. And because changes in market value dictate the index’s moves, the performance of the biggest stocks can have a disproportionate effect.
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