Stocks rose on Friday in volatile trading as traders tried to regain some of the sharp losses from the previous session. The major averages, however, clinched their worst week since March as traders took profits and grew nervous of a resurgence in COVID-19 cases.
The Dow Jones Industrials gained 477.37 points, or 1.9%, to 25,605.54.
The S&P 500 restocked 39.21 points, or 1.3%, to 3,041.31.
The NASDAQ added 96.08 points, or 1%, to 9,588.81.
For the week, the Dow demurred 5.5% and S&P 500 lost 4.7%, while the NASDAQ shed 2.3%. All three notched their worst week since March 20.
The stock of companies that depend on a successful reopening of the economy rose on Friday, but finished below their session highs. Delta Air Lines rose 11.8% after jumping as much as 13%. Carnival Corp. added 14.5%, but had rallied more than 15%.
Those stocks were hit heavily during Thursday’s selloff as investors feared the reopening of the economy could be delayed by a second wave of cases.
The Dow, S&P 500 and NASDAQ on Thursday all recorded their biggest one-day losses since mid-March, posting losses of at least 5%.Thursday’s declines put the Dow and S&P 500 on pace for their biggest weekly losses since March 20, when they all dropped at least 12% amid broad economic shutdowns stemming from the pandemic.
Thursday’s losses came after data compiled by Johns Hopkins University showed the number of new coronavirus cases has risen in states like Arizona, South Carolina and Texas as they continue their reopening process. Arizona cases have nearly doubled since Memorial Day.
Overall, more than two million coronavirus cases have been confirmed in the U.S. along with over 100,000 deaths.
Prices for the 10-Year Treasury fell slightly, raising yields to 0.69% from Thursday’s 0.67%. Treasury prices and yields move in opposite directions.
Oil prices sank eight cents to $36.26 U.S. a barrel.
Gold prices gained 40 cents to $1,740.20 U.S. an ounce.