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Wall Street Posts Weekly Loss, Ends Higher

Despite experiencing a week that tested its resilience, Wall Street managed to close higher over worries that the US Federal Reserve could commence tightening its monetary policy in earnest.

All three major indexes all rallied, but still posted weekly losses after a steep sell-off mid-week that ended a streak of closing highs for both the Dow and the S&P 500.

Keator Group’s Matthew Keator said traders focused on balancing their books in anticipation of the Fed statement. As soon as the statement became available, there was some “sell the rumor buy the news” type of situation.

Market-leading tech and tech-adjacent heavyweights, which performed better than most during the pandemic recession repeated the feat, getting the highest boost of all stocks.

US Treasury yields also helped growth stocks rise, as they ended the week lower than they began due concerns that the COVID situation could linger for much longer and protract impediments to economic revival. Stocks linked with economic re-engagement fell in response to Asian countries announcing their intentions to drastically curb the resurgence of the virus.

The US and China reported mixed economic data which suggested that the current recovery from the most abrupt recession on record has exceeded its highest point and diminished in momentum.

All of the S&P 500’s major sectors, 11 ended the session higher. It gained 35.79 points (0.81 percent) to top out at 4,441.59. The Dow rose 222.15 points (64 percent) to sit pretty at 35,116.27, while the Nasdaq Composite gained 169.95 points (1.17 percent) to peak at 14.711.73.

A handsome 87.4 percent of 476 S&P 500 companies that posted results for the second quarter, beat the consensus, according to Refinitiv data. Deere & Co., the farm and construction equipment manufacturer beat Q2 expectations, raising its full year guidance account to reflect relentless demand. It remains to be seen what happens in the new week as the Lambda variant begins its sojourn across America.

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