The S&P500 started the week meeting a significant milestone: it was positive for the year! plus the Nasdaq Composite finally rose above 10,000 – but went downhill from there as it surrendered to profit-taking that turned to be the worst week since March.
The S&P 500 fell 4.8%, the Nasdaq fell 2.3%, and the Dow Jones Industrial Average fell 5.6%.
Most of the week’s losses came on Thursday with the S&P 500 declining 5.9% and rebounded on Friday. as there was no specific news that contributed to the decline, some blamed the Fed while others pointed to data showing increasing rates of coronavirus in many U.S. states reopening the economy in any case non of was really new news.
All S&P 500 sectors finished the week down, ranging from information technology down 2.0% to energy down 11.1%.