Stocks ticked up Friday as the stock market built on its incredible comeback from Monday\u2019s violent rout. The broad market index ended the week just shy of completely reversing its weekly losses.<\/p>\n
The\u00a0S&P 500\u00a0advanced 0.47% to finish at 5,344.16. The\u00a0Nasdaq Composite\u00a0added 0.51% to close at 16,745.30. The\u00a0Dow Jones Industrial Average\u00a0inched up 51 points, or 0.13%, to end at 39,497.54.<\/p>\n
Week to date, the broad market index was just 0.04% lower. During Friday\u2019s session, it had managed to briefly turn positive for the week before losing some of its gains. Meanwhile, the blue-chip Dow and tech-heavy Nasdaq were down on the week by 0.6% and 0.18%, respectively.<\/p>\n
This week marked the most volatile week of 2024 for the market. The Dow on Monday tumbled 1,000 points, while the S&P 500 lost 3% for its worst day since 2022. Disappointing U.S. payrolls data from the prior week and concerns the Federal Reserve was too late with rate cuts were the main culprits for the selling, along with the unwinding of a popular currency trade by hedge funds.<\/p>\n
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A trader at the New York Stock Exchange on Aug. 8, 2024.<\/span>Spencer Platt \/ Getty Images<\/span><\/p>\n However, the major averages mounted a comeback, with Thursday\u2019s encouraging\u00a0weekly jobless claims\u00a0number helping alleviate investors\u2019 concerns about the U.S. economy. The\u00a0S&P 500\u00a0advanced 2.3% on Thursday for its best day since November 2022, while the 30-stock\u00a0Dow\u00a0surged roughly 683 points. The tech-heavy\u00a0Nasdaq Composite\u00a0added nearly 2.9%.<\/p>\n At the Monday lows, the S&P 500 was down nearly 10% from its recent all-time high. The Nasdaq Composite\u2019s pullback reached full-fledged correction territory of beyond 10%. The\u00a0Cboe Volatility Index\u00a0\u2014 used by Wall Street to measure fear \u2014 reached heights last seen during the onset of the Covid-19 pandemic and the Great Financial Crisis.<\/p>\n But investors stepped in to buy the dip on the notion another crisis or recession was not on the horizon. The week\u2019s earlier losses were tied more to hedge funds unwinding a long-time bet on a cheap Japanese yen rather than fundamental threats to the economy.<\/p>\n It is not just equity markets that have had a volatile week. The 10-year Treasury yield fell below 3.70% at one point, only to retake 4% on Thursday.\u00a0It traded around 3.94% on Friday.<\/p>\n Volatile trading activity is on par for the late summer, when there is not much information flow and earnings season starts to unwind, and is not indicative of a worsening economy, said Infrastructure Capital Advisors CEO Jay Hatfield. Much of the sell-offs in the market stemmed from a \u201chedge fund theme\u201d rather than longer-term investors, according to Hatfield.<\/p>\n \u201cSo it makes sense that we bounce back. A volatile sell-off and bounce back is just normal August [and] September behavior; thin markets, hedge funds gone wild and irrational moves down. The recent market activity has no bearing on our long term outlook,\u201d Hatfield added.<\/p>\n<\/p>\n Stocks ticked up Friday as the stock market built on its incredible comeback from Monday\u2019s violent rout. The broad market index ended the week just shy of completely reversing its weekly losses. The\u00a0S&P 500\u00a0advanced 0.47% to finish at 5,344.16. The\u00a0Nasdaq Composite\u00a0added 0.51% to close at 16,745.30. The\u00a0Dow Jones Industrial Average\u00a0inched up 51 points, or 0.13%, […]<\/p>\n","protected":false},"author":0,"featured_media":7689,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/7688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=7688"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/7688\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/7689"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=7688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=7688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=7688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}