Market recovers losses from day before
NEW YORK - The stock market bounced back Friday, as investors picked up companies that had dropped earlier in the week. Major indexes recovered nearly all their losses from the day before.
NEW YORK - The stock market bounced back Friday, as investors picked up companies that had dropped earlier in the week. Major indexes recovered nearly all their losses from the day before.
"It's an odd day in the markets," said Jack Ablin, chief investment officer at BMO Private Bank. The news Friday was mostly disappointing, he said. Big corporations' earnings reports weren't all that good.
Expedia was an exception. The online travel company turned in sales that topped Wall Street's estimates, driving its stock up $7.46, or 8 percent, to $101.69.
The Standard & Poor's 500 index climbed 22.78 points, or 1.09 percent, to finish at 2,108.29. That's after dropping 1 percent the day before.
The Dow Jones industrial average gained 183.54 points, or 1.03 percent, to 18,024.06, while the Nasdaq composite rose 63.97 points, or 1.29 percent, to 5,005.39.
Charlie Smith, chief investment officer at Fort Pitt Capital Group, cautioned against reading too much into a day with light trading. "The rally is fun," he said, "but it doesn't mean much."
The Nasdaq lost 1.7 percent for the week as investors sold many of the technology companies that have fared well this year. Strong gains for Apple and other tech stocks helped the Nasdaq finally topple a record high last Thursday.
Apple is big enough that its moves can swing the Nasdaq higher or lower. Last week, investors bought Apple stock ahead of another blowout earnings report when the tech giant reported results Monday.