Markets Right Now: Stocks swing back to gains, Dow up 330
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks staged a late rally Friday, ending a wild week marked by dramatic point swings on a positive note.
The Dow Jones industrial average gained 330 points, or 1.4 percent, to 24,190. Earlier in the day it had dropped by 500. The S&P 500 gained 38 points.
Still, both the Dow and S&P 500 lost more than 5 percent for the week. Both indexes had their worst week since January 2016. The Dow recorded 1,000-point drops on Monday and Thursday.
The Standard & Poor’s 500 index rose 1.5 percent, to close at 2,619. The Nasdaq rose 97 points, or 1.4 percent, to 6,874.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.85 percent.
Stocks struggled to stabilize in unsteady trading on Wall Street as an early gain quickly evaporated.
The up-and-down trading Friday came a day after the market entered its first correction in two years. That means a drop of 10 percent from a recent peak.
Major U.S. indexes set their latest record highs just two weeks ago.
The Dow Jones industrial average fell 50 points, or 0.2 percent, to 24,122. It was up as much as 349 in early trading. The Dow has had two 1,000-point drops this week.
The Standard & Poor’s 500 index slipped 1 point, or 0.1 percent, to 2,579. The Nasdaq was down 10 points, or 0.2 percent, to 6,765.
Bond prices didn’t move much. The yield on the 10-year Treasury note was unchanged at 2.83 percent.
Stocks are opening higher on Wall Street as the stock market recovers some of the massive losses it has suffered over the past week.
The Dow Jones industrial average is up more than 300 points in early trading Friday, a day after it suffered its second 1,000-point drop in a week.
Some of the market’s biggest winners over the past year were leading the market higher. Amazon rose 2.2 percent.
The Dow was up 264 points, or 1.1 percent, at 24,122. It was up as much as 349 shortly after the opening bell.
The Standard & Poor’s 500 index rose 24 points, or 0.9 percent, to 2,604. The Nasdaq rose 69 points, or 1 percent, to 6,847.
The yield on the 10-year Treasury note rose to 2.86 percent.