After a historically volatile week, the Dow Jones ended the week on an up note, finishing up 330.44 points to finish at 24190.90.
Stocks had been down for most of Friday, but a rebound in the final hours put the Dow in positive territory for the day. However, the gains barely made a dent in the losses seen this week, as over $3 trillion in wealth disappeared in the stock market’s first technical correction in two years.
Wall Street capped a day of wild swings Friday with a late-afternoon rally that reversed steep early losses and sent the Dow Jones industrial average 330 points higher. Even with the rebound, this was the worst week for the market in about two years.
The up-and-down swings followed a drop of 10 percent from the latest record highs set by major U.S. indexes just two weeks ago. At midday, the market was on pace for its worst weekly decline since October 2008, at the height of the financial crisis.
The Dow briefly sank 500 points in afternoon trading after surging more than 349 points earlier in the day. The blue chip average suffered its second 1,000-point drop in a week on Thursday.
The Standard & Poor’s 500 index, the benchmark for many index funds, also wavered between gains and losses.
As of Thursday, some $2.49 trillion in value had vanished from the index since its most recent peak on Jan. 26, according to S&P Dow Jones Indices.
“Equities have traded in a roller coaster fashion all week and today is no exception,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. “There’s a fair amount of volatility in the market, and our belief is the volatility is leaving investors riddled with stress and uncertainty, which is likely to continue.”
The S&P 500 rose 38.55 points, or 1.5 percent, to 2,619.55. The Dow gained 330.44 points, or 1.4 percent, to 24,190.90. The Nasdaq composite added 97.33 points, or 1.4 percent, to 6,874.49.
Technology companies accounted for most of the broad gains, outweighing losses in energy stocks, which slumped as U.S. crude prices declined, sending the price of oil below $60 a barrel for the first time this year.
Bond prices fell. The yield on the 10-year Treasury rose to 2.85 percent from 2.83 percent late Thursday.