Weekly stocks end in the red despite market rebound
A rebound in markets on Friday failed to erase steep losses for the week, particularly a deep drop on Thursday, which saw the worst day of trading since March.
The Dow Jones Industrial Average rose 477 points on Friday, or 1.9 percent, and the S&P 500 increased 39 points, or 1.3 percent.
Trading throughout the day was volatile, and the markets closed below their bubblier openings, which saw the Dow Jones up more than 800 points earlier in the trading day.
Overall, the indexes were down a respective 5.5 percent and 4.7 percent for the week.
Friday’s increases followed a catastrophic day for markets on Thursday, when the Dow dropped over 1,800 points, breaking a fever that saw relentless price increases even as dire unemployment numbers and economic projections pointed to a slow recovery.
An uptick in coronavirus cases in a number of states also dampened enthusiasm for a continuing rally.