Wall Street capped a volatile day of trading Friday with a broad rally that snapped the market’s three-day losing streak.
The S&P 500 gained 2% after clawing back from a 1% skid that followed a 1% surge at the start of trading. Other stock indexes went through similar zigzags, but finished with solid gains.
The late-afternoon turnaround made up for some of the losses that the market began racking up after kicking off the week with the S&P 500’s biggest gain since June. The index, which briefly slipped into the red for the year on Thursday, managed to end the week 0.8% higher, its first weekly gain in three weeks.
Tech stocks soared more than the rest of the market for much of the pandemic. On Friday, Tesla was the heaviest weight dragging on the S&P 500. The stock fell 3.8% and is now down 15.3% so far this year.
“Ultimately, investors will conclude that they’ll be happy to take the bad with the good,” said Sam Stovall, chief investment strategist at CFRA.
The S&P 500 rose 73.47 points to 3,841.94. The Dow Jones Industrial Average gained 572.16 points, or 1.9%, to 31,496.30. Earlier, it had been down 157 points. The Nasdaq composite climbed 196.68 points, or 1.6%, to 12,920.15. The tech-heavy index earlier flipped between a gain of 1.2% and a loss of 2.6%.
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