Dow Completes Comeback with 800-plus-point Gain
The Dow Jones Industrial Average rallied 800 points on Friday, rebounding off the lows of the bear market last week, and capping the first positive week in June. The 30-stock index leaped 823.32 points, or 2.7%, to 31,500.68. The SP 500 hiked 116.01 points, or 3.1%, to 3,911.74. The tech-heavy NASDAQ popped 375.43 points, or 3.3%, to 11,607.62. The major averages are wrapping up a big comeback week for stocks. The SP 500 is up 6.5% for the week, while the NASDAQ Composite gained 7.5% and the Dow is 5.4% higher. Those moves followed the worst weekly decline for the SP 500 since 2020. Last week, the broader market index closed down 5.8% for the week. All three major averages were snapped three-week losing streaks, as market participants continued to search for a bottom. Still, many on Wall Street maintained a gloomy outlook. Cruise line stocks led the SP 500 gains. Shares of Carnival Corporation rallied 12.4% after the company reported booking volumes in its most recent quarter were “nearly double” the volumes in the first quarter, meaning the company saw its “best quarterly booking volumes since the beginning of the pandemic.” Royal Caribbean Group surged 15.8%.
Dow Completes Comeback with 800-plus-point Gain
The Dow Jones Industrial Average rallied 800 points on Friday, rebounding off the lows of the bear market last week, and capping the first positive week in June. The 30-stock index leaped 823.32 points, or 2.7%, to 31,500.68. The SP 500 hiked 116.01 points, or 3.1%, to 3,911.74. The tech-heavy NASDAQ popped 375.43 points, or 3.3%, to 11,607.62. The major averages are wrapping up a big comeback week for stocks. The SP 500 is up 6.5% for the week, while the NASDAQ Composite gained 7.5% and the Dow is 5.4% higher. Those moves followed the worst weekly decline for the SP 500 since 2020. Last week, the broader market index closed down 5.8% for the week. All three major averages were snapped three-week losing streaks, as market participants continued to search for a bottom. Still, many on Wall Street maintained a gloomy outlook. Cruise line stocks led the SP 500 gains. Shares of Carnival Corporation rallied 12.4% after the company reported booking volumes in its most recent quarter were “nearly double” the volumes in the first quarter, meaning the company saw its “best quarterly booking volumes since the beginning of the pandemic.” Royal Caribbean Group surged 15.8%.