Stocks rally, but drop in market continues

Wall Street closed out another volatile week of trading with a broad rally Friday, though it wasn’t nearly enough to keep the market from its sixth straight weekly drop, the longest such streak since 2011.

The S&P 500 climbed 2.4 percent. More than 90 percent of the companies in the benchmark index closed higher. The Nasdaq rose 3.8 percent as more gains in technology companies helped lift the tech-heavy index. The Dow Jones Industrial Average rose 1.5 percent.

The upbeat finish still left the indexes with weekly losses of more than 2.4 percent each, extending the string of weekly declines to six weeks for the S&P 500 and Nasdaq, while the Dow registered its seventh straight weekly drop.

Markets have been slumping since late March as traders worry that the Federal Reserve may not succeed in its delicate mission of slowing the economy enough to rein in the highest inflation in four decades without causing a recession.

While there have been sudden rallies along the way, including a 2.5 percent gain for the S&P 500 in late April and a 3 percent gain in early May, the market has continued to lose ground since setting an all-time high at the start of the year.

That’s not an unusual pattern on Wall Street when indexes are close to entering a bear market, or a decline of 20 percent or

Market returns

Colonie’s farmers market returns to The Crossings Park at 580 Albany Shaker Road, opening to the public on May 14. The market will run every Saturday from 9 a.m. to 1 p.m. through Sept. 24 offering a mix of products from about 50 vendors, some old and some new. The market will also have live music and occasional story hours for children.

CDTA leadership

CDTA elected its board officers for the 2022 fiscal year. Schenectady Metroplex Development Authority Executive Director Jayme Lahut was elected chairman for a third term. Michael Criscione

(representing Albany County) was selected vice chairperson, Georgeanna Nugent (Saratoga County) as treasurer and Joseph Spairana Jr. (Rensselaer County) as secretary. Some board members will also continue to hold their board positions including David Stackrow, Denise Figueroa, Mark Schaeffer, Jaclyn Falotico, Peter Wohl and Patrick Lance Sr.

Catskills hotel

Wylder Hotels’ third hotel opening, Wylder Windham, is expected to open August in Windham. Following the acquisition of the The Thompson House Resort, the top-to-bottom renovation will feature seven separate lodges with 110 combined rooms, 20 acres of property, an in-ground pool, an on-site restaurant and bakery, and 4,000 square feet of private event space, the company said.