The Week In Review


The major averages finished lower to end a quiet abbreviated week heading into the quarter end. The Dow Jones Industrial Average fell 219 points, or 0.65%, to 33,727. The S&P 500 slid 33 points or 0.77% to 4,348 while the Nasdaq Composite closed down 138 points or 1% to end at 13,492.

All three major averages broke multiweek win streaks. The S&P 500 lost more than a percent, snapping five consecutive weekly gains. The Nasdaq also fell more than a percent, snapping an eight-week win streak with its worst weekly performance since March. The Dow Jones fell over a percent as well on the week led by weakness in Boeing and Goldman Sachs.

The pullback was broad-based with more than 400 S&P 500 stocks trading in negative territory. Information technology was among the biggest laggards, down more than 1%. Goldman Sachs shares are down 8% on the last week as CNBC reported the investment bank likely faces a large write down for its 2021 acquisition of fintech firm GreenSky.

Even with today's pullback, the major averages are still up big for the month and the year led by tech stocks. The tech-heavy Nasdaq Composite is still up more than 28% this year. However not everyone is bullish, The strategist Barclays thinks the valuations in the tech sector outside the AI sector looks to be "frothy."

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