Despite Friday’s relief surge, the Dow still closes with weekly losses

Published on:

Last Updated on July 16, 2022 by Bitfinsider

Stocks increased on Friday as concerns about a Federal Reserve rate hike of 100 basis points to tamp down growing inflation faded in the wake of fresh bank earnings reports and encouraging economic data.

To end the day at 31,288.26, the Dow Jones Industrial Average rose 658.09 points, or 2.15 percent. The Nasdaq Composite increased 1.79 percent to 11,452.42 while the S&P 500 increased 1.92 percent to 3,863.16.

All the major averages ended the week in the red despite Friday’s rebound. The S&P and Nasdaq declined 0.9 percent and over 1.6 percent, respectively, while the Dow decreased by around 0.2 percent. The S&P 500 is nearly 19 percent off its highs as a result of the session’s movements.

Wells Fargo and Citigroup’s last wave of bank earnings provided additional information about the status of the economy. Even though Wells Fargo’s quarterly profits dropped by 48 percent and the bank set aside money for poor loans, the stock rose by roughly 6.2 percent. As it exceeded expectations and profited from a rising rate environment, Citigroup increased 13.2 percent.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked.

To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor


Are you new to investing and would like to find out more about investments and cryptocurrency? If you know nothing about a topic and want to become an expert on it, one fool proof way to start is to read good books about the topic.

If you read one book about a topic, you will be able to share knowledge or discuss the topic at an elementary level with almost everyone.

Read three books and you will likely know more than the majority of people and will be able to discuss the topic at an intermediate to expert level.

  1. The Intelligent Investor by Benjamin Graham
  2. Crypto Investing Guide: How to Invest in Bitcoin, DeFi, NFTs and More by Ian Balina
  3. The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology That Powers Them by Antony Lewis

Disclaimer: Above are some affiliate links and we may collect a share of sales or other compensation from the links on this page.

Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

Related