What a change of pace! The NASDAQ and the S&P more than made up for last week’s losses as the market resoundingly snapped out of its recent malaise
Remember how we couldn’t close even slightly higher last week? The major indices each dropped by more than 2% as investors worried that we may have turned a corner from the good times of January and February.
However, the NASDAQ bounced back with help from a strong performance out of tech to gain 3.8% this week, while the S&P jumped 2.9% over the 5 days.
The would have been right there with its counterparts if it wasn’t for Boeing (NYSE:), which had a rough week as its 737 Max jets were grounded around the world (including the U.S.) after a second deadly crash in less than 5 months.
But the index still managed a weekly gain of more than 1.5%.
As has become common during this trade conflict, we enjoyed more good vibes on the process Friday though no concrete progress. The two sides say they’re getting closer to an agreement, as we saw news reports today about a telephone conversation that China Vice Premier Liu He had with U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer.
Fortunately, the market took a “glass-half-full” approach to this news and rallied, rather than shrugging it off amid the frustration.
The NASDAQ got a lot of help from a strong tech space all week, especially with the semiconductors. The index rose 0.76% Friday to 7688.53. The S&P has put some distance between itself and the important 2800 mark with a gain of 0.50% to 2822.48. (Take a look at Jeremy Mullin’s S&P analysis in the highlights section below.)
The Dow was weighed down all week by the Boeing trouble, but it still muscled through a solid performance. It got some