Stocks Seesaw From Big Gains, to Losses, and Back Again
*By Carlo Versano*
What the market giveth, the market taketh away...or does it?
After coming out of the gate roaring Friday morning, the Dow Industrials gave back 400 points worth of gains and turned negative midday. But just a few minutes later, around 1:10 pm ET, the index was back up triple digits. The tech-heavy Nasdaq was up about 1.4 percent.
While stocks were well off their highs of the day, tech names, which saw some of the biggest losses over the previous two days, were largely higher Friday. Four of the so-called FAANG stocks ー Apple ($AAPL), Amazon ($AMZN), Netflix ($NFLX), and Google parent Alphabet ($GOOGL) ー added a combined $67 billion back to their collective market cap. The only one that was down was Facebook ($FB), which provided an update to the data breach announced last month, saying attackers stole data from 29 million users.
Trading was once again choppy amid a mounting heap of concerns over the global economy, trade tensions, interest rates, and a slowdown in tech.
The major indexes are on pace for their worst week since March.
President Joe Biden highlighted progress in chipping away at so-called junk fees as a “win for consumers” Thursday, as he met at the White House with executives from Live Nation, Airbnb and other companies that have taken steps to embrace more transparent pricing.
Ed Siddell, CEO and chief investment officer with EGSI Financial, joined Cheddar News to discuss Thursday's positive trading session in what Siddell called "a year of momentum" as investors continue to digest a heavy amount of news that includes monetary policy, inflation concerns, banking fears and some positive economic data.
Rivian is expanding into New York City and launching its first showroom there. Cheddar News took a look at the showroom in NYC that the company is calling "spaces," which is intended to be experiential retail locations to woo new customers.
Rebecca Walser, certified financial planner and wealth strategist, offers tips on how to avoid money mistakes, develop healthy spending habits, and pay off debts.
The U.S. Department of Agriculture said Wednesday it hopes to weed out false or misleading animal-welfare claims on meat and poultry packaging with new guidance and testing.
