22/05/2021
S&P 500 Declines to End Turbulent Week.
The S&P 500 edged lower Friday in another volatile trading session as a continuing spring selloff knocked the broad index down for a second straight week
Major stock indexes initially appeared set to extend Thursday’s gains, but investors started selling technology and other growth stocks around midday, the same time bitcoin turned lower. The cryptocurrency was hit yet again, this time on a statement from Chinese authorities that called for a crackdown on mining and trading.
Value stocks in the financial and energy sectors held on to their gains, as investors continued to favor shares of economically sensitive companies poised to benefit from the continuing economic rebound. Economic data released Friday morning showing record manufacturing activity last month added further support for reopening stocks and kept the S&P 500 from falling further.
