Earnings from Google buoyed a stock rise in technology shares last Friday. The gains from this market segment was unable to counteract the worst week in the S&P 500 since November.
The high volatility of the markets, with the S&P falling 2.3% last Monday, fueled talks of the long awaited market contraction has finally arrived.
The trading volume at S&P was at 6.4 billion, which is the lowest of the week but still near the average for the year. One of the major factors was the lockdown of Boston, where many of the US mutual fund companies are located. It is also one of the biggest financial centers in the world.
The S&P 500 ended the week down 2.1% with the index managing to finish its 50-day average after ending right under the line last Thursday for the first time in 2013. What boosted the S&P 500 were Google shares, gaining 4.4% to US$799.87 one day after reporting positive results. It was reported that at least six other brokerage firms had increased their targets based on the share values of Google.
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