Stocks Snap Five-Day Drop as Dollar Retreats: Markets Wrap
- Dollar rally takes a breather after hitting two-year high
- Fannie Mae, Freddie Mac rally on plans to end conservatorship
This article is for subscribers only.
Investors have finally been induced to buy the dip in US stocks. After a five-day drop that shaved more than a trillion dollars off share prices, Wall Street put the longest equities losing streak since April behind it.
The Nasdaq 100 clawed back losses on Friday, climbing 1.7% while the S&P 500 rose 1.3%. The gains managed to put a dent in the week’s selloff after an end of December rout had stretched into the first trading day of the year. Traders shrugged off warnings about slowing earnings growth for the tech stocks dubbed the Magnificent Seven and continued to snap up shares of AI juggernaut Nvidia Corp.