US Stocks Rebound from Steep 2-Day Slide
US stock markets wrapped up a topsy-turvy week Friday with slight gains for the day to recover the losses from Wednesday and Thursday’s sessions. The Dow Jones industrial average gained 41 points on the day, or 0.3 percent, to close out the week at 14,799. That gain followed a combined loss of 560 points, however, in the previous 2 trading days, leaving the blue chip index well short of the 15,000-point mark. Wednesday and Thursday’s massive losses, according to economists, were at least partially due to the Fed’s comments on Wednesday that it would begin unwinding stimulus programs later this year.
The Standard & Poors 500 gained four points on Friday, also 0.3 percent, to close at 1,592 points, while the tech-heavy Nasdaq composite slipped seven points to finish at 3,357. The Nasdaq’s loss was caused primarily by a disappointing earnings report from Oracle, issued after Thursday’s closing bell, which dragged on tech stocks, of which the Nasdaq primarily consists of. Just over half of all stocks traded on the New York Stock Exchange finished Friday in the green, and trading volume was high at just over 5.5 billion shares traded.