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U.S. stocks ended sharply higher on Friday to record their best week in more than a year as investors felt somewhat relieved after talks between President Joe Biden and China’s President Xi Jinping over the ongoing Russia-Ukraine war seemed to end in success. The rally was led by tech stocks. All the three major indexes ended in positive territory.
The S&P 500 rose 1.2% or 51.45 points to finish at 4,463.12 points, snapping its two-consecutive weeks of losses. Consumer discretionary and technology stocks were the best performers.
The Technology Select Sector SPDR (XLK) gained 2%, while the Consumer Discretionary Select Sector SPDR (XLY) advanced 2.1%. Nine of the 11 sectors of the benchmark index ended in positive territory. Utilities and energy were the only twos sectors that ended in the red.
The tech-heavy Nasdaq gained 2% or 279.06 points to close at 13,893.84 points.
The fear-gauge CBOE Volatility Index (VIX) was down 7.01% to 23.87. Advancers outnumbered decliners on the NYSE by a 2.20-to-1 ratio. On Nasdaq, a 2.19-to-1 ratio favored advancing issues.
Stocks Rally on Multiple Positive News
Major U.S. benchmark indexes made a dramatic comeback in a choppy trading session on Friday after opening in the read as investors continued to digest Fed’s first round of interest rate hike the day earlier. Investors weighed the hawkish comments made by Fed officials as they assessed the consequences of the Ukraine-Russia war.
However, things changed later in the day following encouraging news that Biden and Xi Jinping’s talks have ended on a positive note. Russia had urged military aid from China to support its war against Ukraine. This has raised tensions and was Biden and Xi’s telephonic meeting was being seen as a crucial test of whether the United States could convince China from staying out of the conflict.
Xi assured Biden that it was a combined responsibility for both China and the United States to promote peace across the world. Also, Russia reportedly made a $117 million bond payment in dollars to avoid a massive foreign currency debt default. This lifted investors sentiment, sending stocks on a rally.
Tech stocks, which have taken a beating this year, bounced back helping the broader market. Shares of salesforce.com, inc. (CRM - Free Report) and Apple, Inc. (AAPL - Free Report) gained 4% and 2.1%, respectively.
No economic data were released on Friday.
Weekly Roundup
Stocks came off a massive surge this week, recording their best week in more than a year. The Dow was up 5.5% for the week, while the S&P 500 gained 6.2%.
The Nasdaq was the best performer of the three major indexes, notching up gains of 8.2% for the week.
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Stock Market News for Mar 21, 2022
U.S. stocks ended sharply higher on Friday to record their best week in more than a year as investors felt somewhat relieved after talks between President Joe Biden and China’s President Xi Jinping over the ongoing Russia-Ukraine war seemed to end in success. The rally was led by tech stocks. All the three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) edged up 0.8% or 274.17 points to end at 34,754.93 points. Shares of The Boeing Company (BA - Free Report) gained 1.4%. Boeing has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 rose 1.2% or 51.45 points to finish at 4,463.12 points, snapping its two-consecutive weeks of losses. Consumer discretionary and technology stocks were the best performers.
The Technology Select Sector SPDR (XLK) gained 2%, while the Consumer Discretionary Select Sector SPDR (XLY) advanced 2.1%. Nine of the 11 sectors of the benchmark index ended in positive territory. Utilities and energy were the only twos sectors that ended in the red.
The tech-heavy Nasdaq gained 2% or 279.06 points to close at 13,893.84 points.
The fear-gauge CBOE Volatility Index (VIX) was down 7.01% to 23.87. Advancers outnumbered decliners on the NYSE by a 2.20-to-1 ratio. On Nasdaq, a 2.19-to-1 ratio favored advancing issues.
Stocks Rally on Multiple Positive News
Major U.S. benchmark indexes made a dramatic comeback in a choppy trading session on Friday after opening in the read as investors continued to digest Fed’s first round of interest rate hike the day earlier. Investors weighed the hawkish comments made by Fed officials as they assessed the consequences of the Ukraine-Russia war.
However, things changed later in the day following encouraging news that Biden and Xi Jinping’s talks have ended on a positive note. Russia had urged military aid from China to support its war against Ukraine. This has raised tensions and was Biden and Xi’s telephonic meeting was being seen as a crucial test of whether the United States could convince China from staying out of the conflict.
Xi assured Biden that it was a combined responsibility for both China and the United States to promote peace across the world. Also, Russia reportedly made a $117 million bond payment in dollars to avoid a massive foreign currency debt default. This lifted investors sentiment, sending stocks on a rally.
Tech stocks, which have taken a beating this year, bounced back helping the broader market. Shares of salesforce.com, inc. (CRM - Free Report) and Apple, Inc. (AAPL - Free Report) gained 4% and 2.1%, respectively.
No economic data were released on Friday.
Weekly Roundup
Stocks came off a massive surge this week, recording their best week in more than a year. The Dow was up 5.5% for the week, while the S&P 500 gained 6.2%.
The Nasdaq was the best performer of the three major indexes, notching up gains of 8.2% for the week.