One of the wildest weeks in Wall Street history came to a tame close with stocks not far from where they began Monday morning.
After four consecutive days of 400-point swings, the Dow Jones industrial average rose a relatively modest 125 points Friday to bring the blue-chip average to within 175 points of where it was exactly a week earlier.
"It appears as though we’ve come out of this week almost whole," said Bernie McGinn, founder of McGinn Investment Management. "On Wednesday afternoon no one would have suspected that."
Friday’s rise came after the government announced that retail spending, one of the main drivers of the economy, rose in July at the fastest pace since April.
The Dow ended the day up 125.71 points, or 1.1%, at 11,269.02. The broader Standard & Poor's 500 index was up less sharply.
RELATED:
Whiplash for stocks may be the new norm
-- Nathaniel Popper
Photo: The floor of the New York Stock Exchange on Friday. Credit: Getty Images.
No comments:
Post a Comment