Nasdaq rebounds but posts fourth straight weekly decline
Gains within technology were broadly shared, underscoring investor faith in the AI buildout that has driven US stock indexes to dozens of record closes this year.
The Nasdaq Composite Index rebounded 1.1% on Friday to finish the session at 24,579.43 points after peaking 2% higher earlier in the day. However, the technology-focused index still trailed a 3.4% decline for the week. Technology stocks, including semiconductor index, Nvidia, Advanced Micro Devices and Sandisk, rallied amid investor confidence in the AI-driven bull market.
The S&P 500 climbed 0.32% to finish at 7,376.86 points, while the Dow Jones Industrial Average slipped 0.46% to 51,285.73 points. Analysts suggest the recent downturn, bringing the Nasdaq into correction territory, may present a long-term buying opportunity. The S&P 500 sectors were uneven, with information technology leading gains, while consumer staples and healthcare trailed.
The benchmark index saw its worst week in over a year, reflecting investor uncertainty about the future of AI stocks following US midterm election results and Fed rate hike expectations.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 3 other outlets
- Nasdaq rebounds but posts fourth straight weekly decline freemalaysiatoday.com
- Nasdaq rebounds but remains on track for fourth straight weekly decline investing.com
- Nasdaq rebounds but posts fourth straight weekly decline straitstimes.com
