(Reuters) – U.S. stocks ended higher on Friday as bargain hunters stepped back into the market following sharp losses a day earlier, but all three major indexes suffered their biggest weekly percentage declines since the week ended March 20.
Friday’s trading was marked by wild swings.
The Federal Reserve’s indication earlier this week of a long road to recovery and rising COVID-19 cases in the United States had cast a pall over investor optimism about a swift economic rebound. The S&P 500 ended down about 6% on Thursday.
“We’ve seen a pretty big down move, and you’ve seen some retrenchment of that move,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.
Earlier this week, the tech-heavy Nasdaq confirmed it had been in a bull market since March 23 and the S&P 500 briefly tuned positive on the year.
On Friday, the S&P 500 closed above its 200-day moving average, a closely watched technical level that was last at about 3,013, after moving above and below the level.
Unofficially, the Dow Jones Industrial Average rose 475.69 points, or 1.89%, to 25,603.86, the S&P 500 gained 39.21 points, or 1.31%, to 3,041.31 and the Nasdaq Composite added 96.08 points, or 1.01%, to 9,588.81. Photoshop maker Adobe Inc rose after posting a better-than-expected quarterly profit, driven by strong demand for its cloud software.
Reporting by Medha Singh and Devik Jain in Bengaluru, additional reporting by Terence Gabriel in New York and Pawel Goraj in Gdansk; Editing by Cynthia Osterman