Following the sell-off seen over the course of Thursday’s session, stocks showed a substantial move back to the upside during trading on Friday. The major averages all moved sharply higher, with the tech-heavy Nasdaq posting a standout gain.
The major averages reached new highs for the session going into the close of trading. The Nasdaq soared 451.07 points or 2.6 percent to 17,754.09, the S&P 500 surged 117.42 points or 2.1 percent to 5,638.94 and the Dow jumped 674.62 points or 1.7 percent to 41,488.19.
Despite the significant rebound on the day, the major averages still posted steep losses for the week. The Dow plunged by 3.1 percent, while the Nasdaq and the S&P 500 tumbled by 2.4 percent and 2.3 percent, respectively.
The rally on Wall Street came as some traders looked to pick up stocks at reduced levels following the steep drop seen on Thursday, which dragged the Nasdaq and the S&P 500 down to their lowest closing levels in six months.
The nosedive also pulled the S&P 500 into correction territory, as the index plunged by more than 10 percent from February’s record highs.
Positive sentiment may also have been generated in reaction to news the U.S. is likely to avoid a government shutdown after Senate Minority Leader Chuck Schumer, D-NY, said he would vote to advance a Republican spending bill funding the government through September.
While Democrats oppose the bill, Schumer argued allowing President Donald Trump to “take even much more power via a government shutdown is a far worse option.”
Meanwhile, traders largely shrugged off a report from the University of Michigan showing a substantial deterioration in consumer sentiment and a surge by inflation expectations in the month of March.
Sector News
Steel stocks turned in some of the market’s best performances on the day, resulting in a 4.0 percent spike by the NYSE Arca Steel Index.
Substantial strength was also visible among computer hardware stocks, with the NYSE Arca Computer Hardware Index soaring by 3.5 percent after ending the previous session at a nearly four-month closing low.
Brokerage stocks also saw significant strength, as reflected by the 3.5 percent surge by the NYSE Arca Securities Broker/Dealer Index.
Semiconductor, software and banking stocks also showed notable moves to the upside amid a broad based rally on Wall Street.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan’s Nikkei 225 Index advanced by 0.7 percent, China’s Shanghai Composite Index jumped by 1.8 percent and Hong Kong’s Hang Seng Index surged by 2.1 percent.
The major European markets also moved to the upside on the day. While the German DAX Index shot up by 1.0 percent, the French CAC 40 Index and the U.K.’s FTSE 100 Index both jumped by 1.1 percent.
In the bond market, treasuries gave back ground after turning higher over the course of the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3.4 basis points to 4.308 percent.
Looking Ahead
The Federal Reserve’s monetary policy meeting is likely to be in the spotlight next week, although traders are also likely to keep an eye on the latest tariff developments as well as reports on retail sales and industrial production.
Business News
U.S. Stocks Show Significant Rebound But Still Post Steep Weekly Losses
2025-03-14 20:15:10
