Choppy trading marks end of worst week for stocks in two years


CNN and 24/7 News Source contributed information to this article.

The Standard & Poor's 500 index, the benchmark for many index funds, also wavered between gains and losses.

Heavy selling pressure piled more pain on global stocks yesterday, putting them firmly on track for their worst weekly performance in years, as analysts wondered whether an overdue correction was rapidly turning into an equity market bloodbath.

The Russell 2000 shed 69.44 points, or 4.5 percent. If rates rise quickly, that argument becomes much less persuasive.

In currency markets, the Canadian dollar closed at an average trading value of 79.31 cents United States, down 0.15 of a USA cent - continuing a sharp drop that has seen the loonie rocked by global equity volatility. Nasdaq index dropped by 3.9% (275 points), the S&P 500 dropped by 3.8% (101 points), according to Boston Globe. The Nasdaq was up 48 points, or 0.7 percent, to 6,825.

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Technology companies accounted for most of the broad gains, outweighing losses in energy stocks, which slumped as USA crude prices declined, sending the price of oil below $60 a barrel for the first time this year.

The pullback came amid another spurt higher in Treasury bond yields, a focal point for investors concerned that the Fed may accelerate rate hikes if inflation rises suddenly.

In currencies, the dollar clung to its earlier gains against a basket of currencies as Wall Street's major indexes edged up.

USA stocks opened higher on Friday but the main indexes were still on track for hefty weekly losses.

The rout marked a stark turnabout in investors' mood from just two weeks ago, when indexes set their latest record highs. The Dow is down 9.1 percent, and the S&P 500 was off 8.8 percent from last month's highs after Friday's market close. At its height, the Dow around 500 points into positive territory, a thousand points up from its low.

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Chipmaker Nvidia was up about 0.9 percent after its upbeat results and forecast.

Bond prices wobbled and turned higher. The yield on the 10-year Treasury note was unchanged at 2.83 percent. The stock market appeared to be on auto-pilot, pushing from one new all-time-high to the next.

The Dow Jones industrials plunged more than 1,000 points Thursday, deepening a weeklong sell-off and dragging the stock market into an official "correction" for the first time in two years as fearful investors sought to get out before their losses mounted.

Conventional wisdom at the time said that tax cuts would boost corporate earnings and fuel another leg up for the stock market.

Plus, 2 stocks smacked by Amazon; the cybersecurity stock thwarting shorts; and a rotten day for Expedia. For the week, the Dow gave up 5.2% - its steepest loss since January 2016. The VIX was above 33 Friday morning leading into the opening bell.

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Wall Street has failed to stage a lasting rebound from Monday, when fears about the bond market sent the Dow plunging a record 1,175 points.