The S&P 500 was flat on Friday as the stock market’s incredible comeback from Monday’s violent rout continued. The benchmark was inches away from completely wiping out the losses for the week.
The Dow Jones Industrial index remained negative 55.09 points to 39,391.40.
The S&P 500 index stepped back 0.29 points to 5,319.02.
The NASDAQ fell 30.65 points to 16,629.37.
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.
The S&P 500 advanced 2.3% in Thursday’s session, its best day since November 2022, while the 30-stock Dow surged roughly 683 points. The tech-heavy NASDAQ Composite added 2.9%.
Nonetheless, the major averages remain negative on a week-to-date basis. The S&P 500 is off 0.5% this week, while the NASDAQ is off 0.7%, and the Dow is down 0.9%. Both the broad-market S&P 500 and the NASDAQ are on pace for their fourth losing week.
Stocks like Megacap Tech leader Meta and weight-loss drug darling Eli Lilly have led the comeback from the lows. Meta was up 5% on Friday, while Eli Lilly surged 11%.
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 50 cents at $76.64 U.S. a barrel.
Gold prices took on $7.60 to $2,470.90.
