The stock market rally pulled back this week on revived U.S.-China tensions and Fed chief Jerome Powell’s cautious comments about an economic recovery. But the Dow Jones and Nasdaq rebounded from key support levels, slashing weekly losses by Friday’s close. The Tesla Fremont plant began reopening as Elon Musk defied a local shutdown order, while Tesla (TSLA) sales in China plunged last month. Recent IPOs Datadog (DDOG) and OneMedical parent 1Life Healthcare (ONEM) soared out of bases on earnings, while Dynatrace (DT) and Progyny (PGNY) also rallied. Despite a grim retail sales report, Mastercard (MA) is starting to see “normalization” in spending.
Stock Market Rally Tested
The stock market rally hit a fresh high early in the week, but then sold off amid cautious comments from