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 topics of high inflation, impending recession and rising interest rates dominated the market and left the broad S&P 500 temporarily slipped into a bear market, down more than 20 percent from its record high earlier in the year. But then bargain hunters grabbed again at the low level.
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.
Der 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. Even the tech-heavy Nasdaq 100
caught up towards the end of trading, but remained down 0.34 percent to 11,835.62 points./ajx/he
ISIN US2605661048 US6311011026 US78378X1072
AXC0347 2022-05-20/22:29
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