Wall Street has not recorded any considerable gains for the last couple of weeks. However, by the close of Friday, the market seemed to pick up again after a five-day losing streak. It logged the largest daily gains in the month of February, with many companies and financial institutions recording considerable gains. Some of the biggest winners in this gain were J.P Morgan Chase and Goldman Sachs Group, both of which recorded +8.33% and +3.87% respectively. According to analysts, Banks happen to be in a better shape than what the market interpreted.
Dow industrials DJIA finished 2% higher at a total of 15,973.84, with SPX following at +1.95 at 1,861.78. The financial shares were also up 4%, which makes it S&P’s best performing sector. It was followed by materials and energy, which recorded 2.9% and 2.6% higher respectively. Except for utilities, it is good to note that every sector had positive gains.
Gains Were Not Large Enough, Though
Even with many companies making impressive strides from previous losses and recording gains, it is unfortunate that they were not large enough. Even with the market picking up on Friday, these gains could not avert the loss that has been recorded for the last two weeks. Some of the companies that lost are Nasdaq, S&P 500 and The Dow, recording o.6%, 0.8% and 1.4% losses respectively.
Friday’s recovery, according to analysts, was basically a repudiation of excessive doubt following a brutal week in trading. Figures from retail sales suggest that confidence by consumers is rising despite what has been experienced in the global stock markets.
With Wall Street starting to pick up, it is expected that things might be better when it resumes on Monday. A recovery of oil prices has boosted energy shares as well as the investors’ appetite, and the trend is expected to continue in the coming week.