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The Market Wrap for May 21: Tech Wreck Sends Stocks Swinging

Once again, traders were forced to deal with wildly swinging stocks. Volatility has become the norm these days and the last five trading sessions were no different. Chief in creating those swings was technology stocks. Once again, investors took to selling some of the biggest names in technology as various economic data suggested a fast-moving recovery. The shift from high-growth names into value created plenty of large market gyrations throughout the week.

As did inflationary pressures. Several more key measures of rising prices took investors for a loop. Traders have continued to battle whether the surge in inflation is real or just a transitory event as the economy re-opens.

Speaking of the re-opening, the CDC’s latest recommendations of not having to use a mask in public were wildly met with cheers from investors and the public at large. Classic re-opening plays – such as restaurants, retail stores and entertainment venues – spent much of the week rising higher.

Finally, corporate actions helped keep stocks generally moving higher on the week. Merger Monday lived up to its name, while the few firms reporting earnings provided a decent picture.

All in all, stocks ebbed and flowed this week on the latest headlines, creating an interesting environment for traders.

Be sure to check out our previous Wrap here, when inflation bounced back.

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