The S&P 500 jumped 1.8% to finish at 2,695.29, while the tech-rich Nasdaq Composite Index jumped 2.1% to 7,110.92.
For a while Friday, it was anybody's guess whether the weeklong sell-off would ease or worsen.
On Monday, the financial, healthcare and industrial sectors fell the most, but declines were spread broadly as all major 11 S&P sectors dropped at least 1.7%.
It's the second time this week it has fallen over 1,000 points. Winners led losers by 8-5 on the Nasdaq and by 7-5 on the NYSE. But I would say that asset valuations are generally elevated ... for the stock market, the ratio of price to earnings ... is near the high end of its historical range.
The Dow had plunged more than 1,000 points on Thursday, pushing it, the S&P 500 and the Nasdaq to fall more than 10 per cent from their record highs on January 26.
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The index, which is comprised of 30 big-name US companies, was down 108 points, or 0.4 percent, to 24,237 as of 11:25 a.m. The Nasdaq composite gained 15 points, or.2 percent, trading at 6,789. Hong Kong's Hang Seng skidded 5.1 percent and South Korea's Kospi declined 1.5 percent. They're also now all in the red for the year. Inflation can also send bond yields higher, which makes it more expensive for individuals, companies and even the USA government to borrow money. The March crude contract was down US$1.95 to US$59.20 per barrel on Friday.
Crude oil prices have also retreated during the market turmoil.
Surprisingly, Treasury prices ended little changed, with the 10-year yield hitting 2.88% but settling just a basis point higher at 2.85%.
A week ago, the stock market began its dive with a 666-point sell-off after the Labor Department reported that wage growth was picking up. Investors anxious that rising wages will hurt corporate profits and could signal an increase in inflation that could prompt the Federal Reserve to raise interest rates at a faster pace, putting a brake on the economy.
Of course, in a risk-off scenario, emerging markets would sell off and the safe investments would move back into domestic hands, which is also good for bonds and the dollar. Exchange-traded funds that focus on junk bonds suffered a third day of losses. Even with the rebound, this was the worst week for the market in about two years.
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The market, now in its second-longest bull run of all time, had not seen a correction for two years, an unusually long time. They allow markets to remove speculative froth after a big run-up and allow investors to buy stocks at more reasonable prices. Such a rapid rise is unusual, and market analysts long warned that a pullback was overdue.
Investors breathed a sigh of relief when the S&P 500 broke below and then sharply bounced above a crucial level of support known as the 200-day moving average. The measure dropped to 16.4 as of Thursday, meaning stocks were less expensive but still not cheap. Retailers including Amazon and made small gains, a possible sign of confidence the USA economy will keep growing.
The market's reversal came just as Jerome Powell took over as Federal Reserve Chairman. US economic growth was running at a 2.6 annualized rate in the fourth quarter last year and the unemployment rate is at a 17-year low of 4.1%.
The economy is already running hot, with the nation's unemployment rate at a 17-year low of 4.1 per cent.
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