US stocks finish bruising week on positive note

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Wall Street stocks recovered on Friday after a bruising week marked by concerns about inflation, the Ukraine war, and the economic outlook.

Following a strong session in Europe and Asia, Wall Street finished the week strongly, with the tech-heavy Nasdaq up nearly 4% and the S&P 500 breaking back above 4,000 points.

But even with Friday’s rally, all three major US indices posted losses for the week.

Gregori Volokhine of Meeschaert Financial Services warned “it will take more than one session” to turn around the market, adding that there was no clear news catalyst for Friday’s gains.

Analysts at Briefing.com said the turnaround was largely due to “a sentiment-driven trade wrapped up in the notion that stocks are deeply oversold and due for a bounce.”

Stocks were under pressure for most of the week as fresh data showing elevated US inflation deepened expectations for aggressive action from the Federal Reserve as it tightens monetary policy.

Some analysts cited receding fears about China Covid-19 restrictions as supportive to stocks.

“Global sentiment seems to be getting some relief as China officials suggested that Covid-related lockdowns — which have been another source of uneasiness — may be set to ease,” analysts at Charles Schwab investment bank said.

Oil prices pushed higher Friday after much volatility, reaching around $110 a barrel yet again, with analysts pointing to hopes for a Chinese recovery in demand and the drag on Russian production from a potential European Union ban on crude imports from the country.

On the corporate front, Twitter fell nearly 10 percent after Tesla Chief Executive Elon Musk said his purchase of the social media company was “temporarily on hold.”

Analysts interpreted Musk’s messages as an attempt to back out of the deal or force a lower price.

Later, he tweeted, “I am still committed to acquisition.”

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