Markets surged Friday, paring back some of the heavy losses in recent days as investors helped the benchmark S&P 500 stay clear of bear market territory, though stocks are still on track for their sixth consecutive week of losses.
Since 2001, stocks have had one of their longest weekly losing streaks.
The S&P 500 rose 2.5% and the tech-laden Nasdaq gained 3.9%, as the stock market rebounded from its heavy losses earlier in the week.
The broad market rally on Friday was led by consumer, technology and energy stocks, despite the S&P 500 hitting a new low point a day earlier.
The S&P 500 will put in its sixth straight week of losses today, one of the longest weekly losing streaks since at least 2001.
Despite the rebound, the S&P 500 and Nasdaq have all fallen by 2% or more this week, as investors have largely continued to sell stocks amid increased market uncertainty.
Tech stocks, which have led market declines this year, rose on Friday.
Two meme stocks, AMC Entertainment and GameStop, surged by 12% and 7%, respectively.
The stock trading app, which has struggled amid depressed user growth, saw its shares jump over 20% on Friday. Sam Bankman-Fried, the founder and CEO of FTX, disclosed a 7.6% stake in the company.
Musk said he would be putting the deal on hold because of concerns about the number of fake and spam accounts.
Markets have been under pressure due to concerns about an economic slowdown and the Federal Reserve trying to raise interest rates. The S&P 500 has fallen 16% so far this year, putting it on the edge of a bear market. The stock market is in a bear market.
The S&P 500 hit a new low in 2022.
Musk says the deal is on hold.
Despite the market selloff, meme stocks are on the rise.
Wall Street thinks of Mcdonald's, Dollar General, and Visa.
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