S&P snaps four-day losing streak

Credit: Reuters - Business (Amazon FireT
Published on May 10, 2019 - Duration: 01:07s

S&P snaps four-day losing streak

The S&P 500 rebounded from early losses on Friday to snap a four-day losing streak after President Donald Trump and Treasury Secretary Steven Mnuchin said the U.S.-China trade talks were "constructive." Fred Katayama reports.

Advertisement

S&P snaps four-day losing streak

Stocks on Wall Street rebounded Friday from morning losses.

The Dow addded less than half a percent.

The S&P 500 and Nasdaq snapped a four-day losing streak but both suffered their biggest weekly decline of the year.

Stocks turned around after President Donald Trump and Treasury Secretary Steven Mnuchin described the U.S.-China trade talks as "constructive." ICON Advisers president, Craig Callahan: SOUNDBITE: ICON ADVISERS PRESIDENT, CRAIG CALLAHAN, (ENGLISH) SAYING: "We're value investors at ICON.

And today, we measure the broad market to be about 9 percent below our estimate of fair value.

So this entire retreat, the market dropped about 3 percent from its recent high.

We thought that was temporary.

We're still long-term bullish.

So the bounce today was very consistent with that position." Shares of Uber made their much-hyped, long-awaited debut, opening below their initial offering price.

The ride-hailing company lost more than 7 percent.

It pulled down shares of rival Lyft as well.

Plunging shares of Symantec dragged down other tech stocks.

At least six analysts cut their price targets one day after the software developer's CEO, Greg Clark, abruptly stepped down, and the company issued a profit warning.

You are here

Recent related videos from verified sources

Dow Jones Snaps Six Day Streak Of Gains 00:44
Credit: Wochit - Published 1 week ago 

Tesla Snaps Awful Losing Streak 00:31
Credit: Wochit - Published on May 24, 2019 

Wall Street Snaps Three Day Streak Of Gains For Global Equities 00:50
Credit: Wochit - Published on May 1, 2019 

You might like