After a volatile past couple of days, markets tried to salvage a win on the last trading day of the week. Financial stocks were among the issues that advanced as the major averages attempted to recoup some of the losses for the week after falling amid renewed concerns of a Fed interest rate hike sooner rather than later…possibly even June. Oil finished the week up 4% to close at $48 a barrel, off a six-month high of $49.85 reached two days ago.
The Dow has now posted its first 4 week losing streak since 2014.
Meanwhile according to CNBC: “Signs of Fear are Running Rampant through the Market.”
- Goldman Sachs says Hedge funds are at their lowest net long position in four years, at 44 percent, after hitting a record long of 57% in early 2015
- Money is draining again from equity funds after a period of reversal. $100 billion has left the funds this year alone, according to Bank of America Merrill Lynch.
- According to the latest American Association of Individual Investors survey, optimism is at its lowest level since mid-February and only the ninth time since 1990 that optimism fell below the 20 percent mark. (It’s currently at 19.4%)
Read the entire story here.
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Here are the final numbers from Friday, May 20th on Wall Street:
Dow Jones Industrial Average: 17,500.94 (+65.54 / +0.38 %)
NASDAQ: 4,769.56 (+57.03/ +1.21 %)
S&P 500: 2,052.32 (+12.28/ +0.60%)