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Dow Jones 830 Point Comeback Fails To Prevent Biggest Weekly Drop in 2 Years

Stock MarketsFeb 09, 2018 04:04PM ET
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© Reuters.

Investing.com – Wall Street closed sharply higher on Friday as a consecutive day of frenzied trading action saw stocks stage a late rally to bounce back from triple digital losses amid a strong bout of corporate earnings.

The Dow Jones Industrial Average closed higher at 24,190.97. The S&P 500 closed 1.49% higher, while the Nasdaq Composite closed at 6874.49, up 1.44%. The Dow Jones fell to a low of 23,360 before staging a comeback heading into the close.

Leading the late-stage rally, tech closed 3% higher as investors cheered earnings from Nvidia after a report Thursday showed a strong beat on both the top and bottom lines, leading to a more than 7% gain for the day.

Some noted the fall below the S&P 500’s 200-day average, a key technical level, drew in support fuelling the late move into positive territory.

Energy was the sole sector to end the day in the red after crude prices slumped more than 3% as US oil rigs count rose to a 34-month high, pointing to a ramp up in domestic oil production.

Also adding to positive sentiment was easing political uncertainty in Washington as a short-lived government shutdown came to end as President Donald Trump signed a massive spending deal into law following approval of the bill by both chambers of Congress early Friday morning.

'Bulls and Bears' on Wall Street

The top Dow gainers for the session: Nike (NYSE:NKE) rose 5.1%, American Express Company (NYSE:AXP) up 4.2% and Microsoft (NASDAQ:MSFT) rose 3.9%.

United Technologies Corporation (NYSE:UTX) down 1.7%, Wal-Mart Stores Inc (NYSE:WMT) down 0.5% and Procter & Gamble Company (NYSE:PG) down 0.2%, were among the worst Dow performers of the session

Dow Jones 830 Point Comeback Fails To Prevent Biggest Weekly Drop in 2 Years
 

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danno barrett
danno barrett Feb 09, 2018 4:18PM ET
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Bounce bouncy bounce......gee wonder who was responsible for this?
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Tah Tange
TradeMac Feb 09, 2018 4:18PM ET
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Robots!
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Steve Johnson
Steve Johnson Feb 09, 2018 4:18PM ET
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Vertical markets are next to impossible to trade successfully, algorithms get triggered, investor fear levels cause panic sell off. We are headed below 22k probably 19k level out come mid end of March. Week of the 19th of February all will get so confusing massive sell offs are coming. Nothing anyone can do. The media will do what the media does and spin it with a really valid sounding scripted narrative for retail investors to grasp on to. That is their job, read the script from the corporations which employ you, it's all nonsense.
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Treego Systems
Treego Systems Feb 09, 2018 4:18PM ET
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I can't disagree.
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