Stocks Win Friday, but Head for Weekly Losses

Stocks Win Friday, but Head for Weekly Losses

September 22,2023 11:45 am EST

The S&P 500 advanced Friday, but the market was still poised to end the week with steep losses.

The Dow Jones Industrials recovered Friday from losses Thursday, taking the elevator up 78.17 points to 34,138.59.

The much-broader index recouped 25.33 points to 4,355.33.

The NASDAQ index rebounded 121.88 points to 13,345.86.

Ford climbed more than 3% on media reports that the auto giant was making progress in negotiations with the striking United Auto Workers union. Stellantis and General Motors, the other two automakers standing off with the union, also traded higher.

Those moves mark a reprieve following a three-day losing streak for the major averages. The losses came as investors reacted to a signal from the Federal Reserve that it intended to keep interest rates higher for longer.

The S&P 500 has faded 2.2%, and the technology-heavy NASDAQ Composite is down 2.7% this week, It would the third negative week in a row for both. The blue-chip Dow dipped 1.5% on the week.

Investors also became concerned about a government shutdown, which could dent consumer confidence and slow down the economy further. House Republican leaders sent the chamber into recess on Thursday.

Prices for the 10-year Treasury gained ground, lowering yields to 4.43% from Thursday's 4.49%. Treasury prices and yields move in opposite directions.

Oil prices moved back up 64 cents to $90.27 U.S. a barrel.

Gold prices jumped $7.30 to $1,946.90 U.S. an ounce.


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