NEW YORK (dpa-AFX) – After some very high losses again at times, Wall Street managed to jump into positive territory at the close of trading on Friday, albeit extremely narrowly. Initially, the Chinese central bank cut an important reference interest rate for long-term loans as a support, but then things went downhill all the more noticeably. The complex of issues of high inflation, the threat of recession and rising interest rates dominated the market and temporarily caused the market-wide S&P 500 to slide into a bear market with a minus of more than 20 percent since its record high at the beginning of the year. But then bargain hunters grabbed again at the low level.
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At the end of the day, the S&P 500 recouped the losses by up 0.01 percent to 3901.36 points. With a drop of a good three percent, however, it was the seventh week in a row with losses. This is the longest losing streak since 2001.
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The Dow Jones Industrial closed on Friday up 0.03 percent to 31,261.90 points. On a weekly basis, the Dow lost 2.9 percent. The technology-heavy Nasdaq 100 also caught up towards the end of trading, but remained down 0.34 percent to 11,835.62 points.
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