The S&P 500 gained 1.8% last week, its second consecutive winning week and narrowing its year-to-date decline to around 5.1%. Reports that Russia and the Organization for Petroleum Exporting Countries were discussing possible production limits reversed another steep freefall for crude oil prices , carrying energy stocks higher in tow. Shares of utility and consumer staple companies paced the broad-based recovery for stocks, with health care the only industry sector in the S&P 500 to lose ground this week.
Among individual companies, Apple ( AAPL ) dropped just over 4% last week, weighing on other information technology stocks as well as the broader S&P 500. Apple managed to beat Wall Street expectations with its fiscal Q1 profit and sales results but warned growth for its iPhone segment was slowing, also eroding share prices for iPhone suppliers like Qualcomm ( QCOM ), down 5.7% for the week. Online retailer Amazon.com lost 1.6% last week after missing the analyst consensus with its Q4 results while gains for Microsoft ( MSFT ) and Facebook ( FB ) - up 5.4% and 14.6% last week, respectively - helped offset tech sector declines.
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