US Market Indexes Report Gains on Friday

Traders Peter Tuchman and Patrick Casey work on the floor of the New York Stock Exchange

Stocks staged a late rally Friday, ending a wild week marked by dramatic point swings on a positive note. Analysts cited concerns about inflation and ballooning government debt for the earlier drops.

The Dow briefly sank 500 points in afternoon trading after surging more than 349 points earlier in the day.

Both indexes had pruned the losses to just over 4 percent by the time they closed, but it was still their largest single-day losses since February 2016.

The Dow is down 858.76 points, or 3.5 percent.

The Nasdaq composite fell 274.82 points, or 3.9%, to 6,777.16. Tokyo's Nikkei 225 lost 2.3 percent and Hong Kong's Hang Seng gave up 3.1 percent.

The yield on benchmark 10-year U.S. Treasuries, which tends to be the driver of global borrowing costs, was hovering at 2.86 percent just short of both Thursday peak and Monday's four-year high of 2.885 percent.

On Wall Street, many companies that rose the most over the past year have borne the brunt of the selling.

Traders were still bracing for further volatility in the near future, as they tried to determine if the wild swings these past few days were the beginning of a deeper market correction, or just a temporary blip in the United States market's nine-year bull run.

FedEx and UPS dropped about 2 percent after the Wall Street Journal reported Inc will be launching its own delivery service.

The up-and-down swings followed a drop of 10 percent from the latest record highs set by major USA indexes just two weeks ago.

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United States markets have been under pressure all week, with the Dow notching its biggest loss ever in terms of points on Monday, rallying on Tuesday and finishing modestly lower Wednesday.

USA stocks tumbled anew on Thursday in another trading session with big swings, as investors remained on edge after several days of volatile trading.

"There are going to be people that are going to be selling into any kind of strength and then you are going to have some value-conscious investors taking advantage of these multiple 100-point drops", said Alan Lancz, president of Alan B. Lancz & Associates, an investment advisory firm in Toledo.

The S&P 500 shed almost 101 points, or 3.8%, to 2,581.

Equities for years have looked relatively attractive compared to the low yields offered by bonds, but the rise in Treasury yields has diminished the allure of stocks, especially with stock valuations at historically expensive levels.

Stocks plunged again Thursday, extending a streak of losses that has yanked the market away from record highs.

At 12:56 p.m. ET, the Dow Jones industrial average was down 668 points (-2.7%), the S&P 500 was down 64 points (-2.4%), and the Nasdaq was down 190 points (-2.7%). Make sure to read The Big Picture column each day to stay on top of the market's prevailing trend, so you'll know when it makes sense to be aggressive and when you should move to the sidelines. The stock dropped $2.11, or 9.6 percent, to $19.85.

The Dow gained 130 points, or 0.5 percent, to 23,990. 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.

Advancing issues outnumbered declining ones on the NYSE by a 1.43-to-1 ratio; on Nasdaq, a 1.36-to-1 ratio favoured advancers.


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