So much for a prolonged bear market.
After last week saw the Dow shed 5% of its value, stocks fared far better this week. Friday marked the sixth-straight day of gains for the Dow and S&P 500. The Dow tallied its best week since November 2016 with 4.26% in gains. The S&P 500 earned 4.3% for its best week since January 2013. The Nasdaq Composite had its best week since December 2011 with a 5.31% rally.
Equities slipped some early Friday afternoon on news a federal grand jury had indicted 13 Russian nationals and three Russian entities accused of interfering with U.S. elections. Stocks made up losses fairly quickly, though, finishing Friday trading mostly higher.
The sharp rebound in stocks has many on Wall Street questioning its validity.
"The fact the market has worked back instantly makes it feel like it's phony, and a phony market does not attract new money -- a phony market has money going out," points out TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer. "I think this was another one of these events like the flash crash that you will see waves of money coming out as individual investors realize it's not an asset class, it's a dice roll."
"I think everyone is assuming the markets are roaring back and that the correction is over and we are going back up to new highs again, I am a little skeptical of that," Byron Wien, 86, told TheStreet. Wien, Vice Chairman in the Private Wealth Solutions of Blackstone Group (BX - Get Report) , has lived though all sorts of market cycles during his storied career on Wall Street. So suffice it to say, assessing this latest correction isn't his first rodeo.
Ready for the markets this coming week? Jolt has you covered. Watch below.