Volatile Wall Street Week Ends with Friday Gains
U.S. stocks went up on Friday after a week of ups and downs, Reuters reported.
The Dow Jones industrial average gained 125.71 points, or 1.13 percent, to 11,269.02. The S&P 500 Index added 6.17 points, or 0.53 percent, to 1,178.81. The Nasdaq Composite Index rose 15.30 points, or 0.61 percent, to 2,507.98.
But despite the gains, when taking into account the sharp declines earlier in the week, the Dow fell 1.5 percent and the Nasdaq lost 1 percent for the week. The S&P 500 fell on 11 of the past 15 days, dropping 12.4 percent in three weeks.
Friday was a slow day in terms of trade volume. Ken Polcari, managing director at ICAP Equities in New York, told Reuters, “Today’s slowdown in volume is clearly indicative of people getting a little bit more comfortable about where the market is.”
The hope among investors is that stocks are in the process of exhausting the selling and will stabilize at current levels.
“Before moving higher the market needs to do some repair work and needs to build a base, and that’s what we’re doing right now,” Polcari said.
(Arutz Sheva’s North American Desk is keeping you updated until the start of Shabbat in New York. The time posted automatically on all Arutz Sheva articles, however, is Israeli time.)