A rally among tech stocks Friday helped snap a losing streak. Major U.S. indexes ended the week down about 4%, their worst weekly loss in six months. An index measuring the performance of small-company stocks had its worst week since early 2016.
Stocks plunged again Thursday. The recent turbulence in financial markets is a contrast to what investors have grown accustomed to in a bull market that has lasted more than 10 years, the longest in history.
U.S. stocks posted widespread losses Wednesday, and stocks that have been the biggest winners on the market the last few years, including technology companies and retailers, suffered steep declines. Apple and Amazon both had their worst day in two and a half years.
U.S. stock indexes closed mixed Tuesday. Raw-material producers plunged on worries that inflation and weaker demand are eating into their profits. On the opposite end were technology stocks and other sectors, which recovered some of the sharp losses caused by last week’s rapid rise in interest rates.
Stock indexes ended mixed Monday, but tech companies, including payment and credit card companies, slid further. Bond markets in the U.S. were closed for the Columbus Day holiday and stock trading was relatively light.
Rising interest rates sent technology and internet stocks skidding Thursday. Tumbling bond prices over the past two days is sending interest rates sharply higher, a development that worries investors because it can eventually slow economic growth by making borrowing more expensive for consumers and businesses.
Strong economic signs lifted U.S. stocks Wednesday. Two reports were stronger than analysts expected and suggest the economy is in good shape in spite of rising interest rates and oil prices, and the ongoing trade dispute between the U.S. and China.
Retail stocks sank Tuesday on news that Amazon will raise the minimum wage for its U.S. workers to $15 an hour in November. Amazon also said it will advocate for an increase in the federal minimum wage, which has been $7.25 an hour since July 2009. Its stock fell, but other retailers suffered bigger losses.
An early rally Monday over Canada deal faded, leaving U.S. stocks mixed.
Stocks closed out the best quarter in five years on a quiet note Friday. Health care companies did better than any part of the market during the third quarter and they continued to rise Friday, while technology companies rose as chipmakers also traded higher.