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Stocks ticked up on Friday as the stock market built on its incredible comeback from Monday’s violent rout. The broad market index ended the week just shy of completely reversing its weekly losses.
The Dow Jones Industrial index recovered 51.05 points to 39,497.54.
The S&P 500 index picked up 24.85 points to 5,344.16.
The NASDAQ moved ahead 85.28 points to 16,745.30.
Week to date, the broad market index was just 0.04% lower. During Friday’s session, it had managed to briefly turn positive for the week before losing some of its gains. Meanwhile, the blue-chip Dow docked 0.6% and tech-heavy NASDAQ was down on the week by 0.18%.
This week marked the most volatile week of 2024 for the market. The Dow on Monday tumbled 1,000 points, while the S&P 500 lost 3% for its worst day since 2022. Disappointing U.S. payrolls data from the prior week and concerns the Federal Reserve was too late with rate cuts were the main culprits for the selling, along with the unwinding of a popular currency trade by hedge funds.
Prices for the 10-year Treasury gained ground lowering yields to 3.94% from Thursday’s 3.99%. Treasury prices and yields move in opposite directions.
Oil prices regrouped 81 cents at $77.00 U.S. a barrel.
Gold prices took on $6.20 to $2,469.50.
