Stocks closed up modestly higher Friday, but Wall Street finished a volatile, holiday-shortened week sharply lower. The Nasdaq Composite booked its sharpest weekly loss since March 20, during the height of the coronavirus pandemic selling.
How did major benchmarks trade?
The Dow Jones Industrial Average
rose 131.06 points, or 0.5%, ending at 27,665.64; while the S&P 500
tacked on 1.78 points, or 0.1%, to close at 3,340.97. The Nasdaq Composite Index
shed 66.05 points, or 0.6%, finishing at 10,853.55.
For the week, the Dow shed 1.7%, while the S&P 500 fell 2.5% and the Nasdaq dropped 4.1%. Markets were closed Monday for Labor Day.
What drove the market?
Markets don’t like uncertainty, but that is probably what’s in store over the next few months, particularly if recent Wall Street jitters over technology-led gains deepen.
“A longer-lasting correction cannot be ruled out,” said Frédérique Carrier,