Amazon stock bounces, but is still headed for the longest weekly losing streak in 14 years

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Shares of Amazon.com Inc. AMZN, +5.73% rallied 3.9% in afternoon trading Friday, amid a broad rally in technology names, but was still on track for the longest weekly losing streak in 14 years. The rally in the ecommerce giant’s stock comes after it rose 1.5% on Thursday, which followed a 3.2% drop on Wednesday to its lowest close since April 2020. Still, the stock was down 3.2% this week, and has plummeted 32.6% amid a seven-week losing streak. That would be the longest weekly losing streak since it fell for 10-straight weeks through the week ended March 7, 2008. During that stretch, the stock had lost 32.1%. There have been two six-week losing streak since then, one for the six-week stretch ending Aug. 23, 2019, and the other for the six-week stretch ending Nov. 16, 2012. The stock has now tumbled 33.4% year to date, while the S&P 500 SPX, +2.39% has shed 16.1%.

This article was originally published by Marketwatch.com. Read the original article here.

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