U.S. stocks are in rally mode in early trading today following a week that saw all three major indices experience their worst weekly performance in more than two years. On Friday, the Dow finished the week down 5.7% and the S&P500 was 6% lower. At current levels, the Dow is 10% below its record close while the S&P500 is sitting 8.5% below its all-time high.
U.S. stocks are down today in reaction to news regarding how Facebook Inc. manages user data. Currently, the tech heavy Nasdaq is getting hit the hardest with losses exceeding 2% while both the Dow and S&P500 are down nearly 1.50%.
US equities rallied last week in a broad-based advance that saw 11 of 11 S&P sectors finish with weekly gains. The Dow and S&P500 rallied 3.3% and 3.5% respectively, putting both indices within 3% of their market tops before February’s correction. The tech-heavy Nasdaq shot up by 4.2% on the week, finishing Friday at a new all-time high.
U.S. stocks are marching higher to kick off a new week of trading after finishing last week with a string of consecutive losses that investors haven’t seen for over a year. Last week, the Dow was down 3% while the S&P500 and Nasdaq declined 2% and 1.1% respectively.