Dow Rebounds But Fails to Snap Streak of Brutal Weekly Losses
The Dow Jones rallied on Friday, but the recovery failed to rescue the DJIA from extending its troubling streak of brutal weekly losses. | Source: AP Photo / Richard Drew
By CCN: The Dow and broader U.S. stock market rallied on Friday, as investors shrugged off dismal factory data amid hopes that the Trump administration would ease restrictions on Huawei, China’s largest telecommunications company.
Dow Clings to Friday Recovery
All of Wall Street’s major indexes headed for gains in the final session of the week, bouncing back from a brutal Thursday session that saw the Dow drop as much as 448 points. On Friday, the Dow Jones Industrial Average climbed 98.80 points, or 0.4%, to reach 25,589.26. The index opened sharply higher, which reflected a fairly strong pre-session for Dow futures.
The broad S&P 500 Index of large-cap stocks gained 0.2% to 2,828.50. Nine of 11 primary sectors contributed to the rally, with financials leading the way higher.
Meanwhile, the technology-focused Nasdaq Composite Index gained 0.2% to 7,646.52.
Stock Market’s Weekly Losses Mount as Economy Cools
The Dow’s recovery on Friday failed to halt another weekly decline for the benchmark average. The Dow has registered losses in each of the last five weeks and has reversed nearly 1,100 points from its yearly high.