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Wall Street ends higher following 7 straight weeks of losses

Financial Markets Wall Street
Posted at 5:06 PM, May 23, 2022

Stocks closed higher on Wall Street on Monday following seven weeks of declines that nearly ended the bull market that began in March 2020.

The S&P 500 rose 1.9%, the Dow Jones Industrial Average rose 2% and the Nasdaq rose 1.6%. Banks and technology stocks made some of the strongest gains. Concerns about inflation have been weighing on the market and have kept major indexes in a slump recently.

The S&P 500 is coming off its longest weekly losing streak since the dot-com bubble was deflating in 2001. The yield on the 10-year Treasury, which helps set mortgage rates, rose to 2.86%.

Federal Reserve Chairman Jerome Powell is set to deliver a speech on Tuesday, which will be holding the attention of investors. A report on U.S. gross domestic product data is due out on Thursday, CNBC reported.