(Reuters) – Technology stocks again rode to Wall Street’s rescue on Friday, lifting the main indexes more than 1%, but the Dow and the S&P 500 still posted their longest weekly losing streaks in a year as fears of a slowing economy sparked an almost month-long rout.
Investors started buying beaten-down shares after the Nasdaq confirmed a corrective phase earlier this month and the S&P 500 on an intra-day basis briefly broke that barrier this week.
Both the Dow and S&P 500 notched their fourth straight weekly declines, the longest weekly losing streak since August 2019. The Nasdaq closed higher for the week after falling the previous three, and is now up 22% for the year. The S&P 500 is up a bit more than 2% for the year.
Investors are looking at the long term and believe technology remains the investment of choice, said Edward Moya, senior market analyst