NEW YORK, May 24 — US stocks ended higher on Monday as gains from banks and a rebound in market-leading tech shares supported a broad-based rally following Wall Street’s longest streak of weekly declines since the dotcom bust more than 20 years ago.
“It feels like a relief rally more than a fundamental change in investor sentiments,” said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. “Investors as a whole feel like there’s another shoe to drop and they’re probably right in the short term.” On Friday, the S&P 500 closed 18.7 per cent below its record closing high reached on January 3. If the benchmark index closes 20 per cent or more below that record, it will confirm it has been in a bear market since then.
The Fed will give investors a hint of its state of mind on Wednesday, when it releases minutes from its latest policy meeting. Looking ahead, current quarter pre-announcements are generally pessimistic, with 59 negative projections and 32 positive, compared with the year-ago quarter’s 37 negative and 52 positive, per Refinitiv.
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