Stocks Notch Their Best Week Since November 2020: Markets Wrap
- Global equity funds saw their biggest inflows in 10 weeks
- US consumer spending holds up as households dip into savings
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Stocks continued to rebound from a steep rout that drove the market down for seven straight weeks, with rebalancing from institutional investors potentially lifting equities at the end of the month.
The S&P 500 wiped out its May losses and posted its biggest weekly gain since November 2020. Global stock funds saw their largest inflows in 10 weeks, led by US shares, according to a Bank of America Corp.’s note citing EPFR data. The Nasdaq 100 outpaced major benchmarks, with Apple Inc. and Tesla Inc. up more than 4%. Dell Technologies Inc. surged as revenue topped estimates. The dollar fell, while Treasuries fluctuated. US markets will be closed Monday for a holiday.