TEHRAN, Young Journalists Club (YJC) -U.S. stocks ended a wild week with a burst of buying, pushing the S&P 500 up 1.5 percent on Friday, but still recorded their worst week in two years, and investors braced for more volatile trading days ahead.
The sharp falls of the week confirmed the market was in a correction, down more than 10 percent from a Jan. 26 record high, and throwing the nearly nine-year bull market off course. The newly volatile market was shaken in part by rising bond yields, which led stock investors to rethink their positions after months of steady gains.
The S&P 500 ended the week nearly 9 percent below the all-time high set just two weeks ago.
“I don’t see any reason to think that we’re setting a pattern for next week or the rest of the year,” said Rob Stein, chief executive officer of Astor Investment Management in Chicago. “The only pattern we’re setting is more volatility.”
On Friday alone, the S&P 500 swung from gains of up to 2.2 percent to declines of 1.9 percent, echoing the big swings of the past week. The Dow moved in a range of more than 1,000 points, a more modest change than on Monday when the Dow fell as much as nearly 1,600 points.
The Dow Jones Industrial Average .DJI rose 330.44 points, or 1.38 percent, to 24,190.9, the S&P 500 .SPX gained 38.55 points, or 1.49 percent, to 2,619.55, and the Nasdaq Composite .IXIC added 97.33 points, or 1.44 percent, to 6,874.49.
Technology .SPLRCT was the best-performing group on Friday, with Microsoft Corp (MSFT.O), Alphabet Inc (GOOGL.O) and Facebook Inc (FB.O) giving the biggest individual boosts to the S&P 500. Energy .SPNY was the lone major S&P sector to end negative as oil prices tumbled.