After a manic week that began with Japanese stocks falling to their worst loss since 1987's Black Monday, only for US stocks to soar later to their best day since 2022, slight gains on Friday carried Wall Street almost exactly back to where it began the week.
- The Dow rose 51.05 points, or 0.1%, to 39,497.54, making its drop for the week 0.6%.
- The S&P 500 rose 24.85 points, or 0.5%, to 5,344.16. That made the loss for the week barely registerable 0.04%.
- The Nasdaq composite rose 85.28 points, or 0.5%, to 16,745.30, for a weekly loss of 0.2%.
The gains pulled the S&P 500 back within 5.7% of its all-time high set last month, after it had sunk nearly 10% below during the week, the AP reports. It was a vicious return of volatility for a market that had been rising smoothly, and a measure of fear on Wall Street briefly surged toward its highest level since the 2020 COVID crash. It also may not be over. Worries are still high about the strength of the US economy, and reports are due next week on inflation, sales at retailers and other measures of strength. But on Friday, at least, the mood was one of calm after more big US companies joined the pile reporting better profit for the spring than analysts expected.
Expedia Group jumped 10.2% after delivering stronger results than forecast, though it saw a softening of demand in July like some other companies. Take-Two Interactive rose 4.4% after the company behind the Grand Theft Auto and NBA 2K video games likewise reported better results than expected. Reports next week could drive more swings for the market. On Thursday will come an update on how much shoppers are spending at US retailers. Households at the lower end of the income spectrum have been struggling for a while to keep up with still-rising prices, but economists expect the report to show a return to growth after a stall in retail spending during June.
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