Markets Right Now: Stocks gain, but still end the week lower
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks clawed back some of the ground they lost in a two-day rout but still suffered their biggest weekly loss in six months.
Even with Friday’s moderate gains, major U.S. indexes lost about 4 percent for the week. A recent spike in interest rates has spooked investors who fear higher borrowing costs could slow down the economy.
Longtime market favorites like Amazon and Apple came roaring back with gains of about 4 percent each.
Several major banks including PNC Financial fell, however, and small-company stocks lagged far behind the rest of the market.
The S&P 500 index rose 38 points, or 1.4 percent, to 2,767.
The Dow Jones Industrial Average rose 287 points, or 1.1 percent, to 25,339. The Nasdaq tech-heavy composite rose 167 points, or 2.3 percent, to 7,496.
An early rally on Wall Street has mostly evaporated in afternoon trading, leaving indexes with meager gains following a two-day rout.
Longtime investor favorites like Amazon and Apple were still higher Friday, but banks turned lower and energy stocks were also lagging.
Major indexes fell more than 5 percent over the previous two days as investors worried about rising interest rates.
The S&P 500 rose 12 points, or 0.4 percent, to 2,740. It’s heading for its worst week since March.
The Dow Jones Industrial Average rose 60 points, or 0.2 percent, to 25,116. It was up more than 400 in early trading.
The Nasdaq rose 79 points, or 1.1 percent, to 7,407.
Small-company stocks were mostly lower, and more stocks fell than rose on the New York Stock Exchange.
Stocks are solidly higher on Wall Street as the market makes up a small bit of the ground it lost in a massive two-day rout.
Longtime investor favorites like Apple and Amazon, which got clobbered in the past two days, had some of the biggest gains Friday. Amazon reclaimed 3 percent and Apple recovered 2 percent.
Indexes are up about 1 percent, but they’re still on track for their worst week since late March.
Citigroup jumped 1.4 percent after reporting higher earnings.
The S&P 500 index rose 25 points, or 0.9 percent, to 2,753.
The Dow Jones Industrial Average rose 144 points, or 0.6 percent, to 25,197. The Nasdaq rose 115 points, or 1.5 percent, to 7,439.
Bond prices fell. The yield on the 10-year Treasury rose to 3.15 percent.
Stocks are opening sharply higher on Wall Street following a two-day rout that shattered a long period of calm on the market.
Big technology and consumer-focused companies, which took some of the worst losses earlier this week, were solidly higher in early trading Friday.
Amazon jumped 3.8 percent and Apple clawed back 2.9 percent.
Citigroup jumped 2.5 percent after reporting higher earnings.
Asian and European markets were also higher.
The S&P 500 index rose 41 points, or 1.5 percent, to 2,770. The index is still headed for its worst week since March.
The Dow Jones Industrial Average rose 383 points, or 1.5 percent, to 25,433. The Nasdaq composite jumped 163 points, or 2.2 percent, to 7,491.
Bond prices fell. The yield on the 10-year Treasury rose to 3.16 percent.