Dow Finishes With Gain of 330 Points, S&P 500 and Nasdaq Also Close Higher - TheStreet
Here are 3 Hot Things to Know About Stocks Right Now
The Dow Jones Industrial Average's plunge on Thursday of 1,033 points was its second-worst point drop in history. The S&P 500 has lost more than $2 trillion in market cap from its high.The energy sector was under pressure after oil prices fell for a sixth straight session.Wall Street Overview
The Dow Jones Industrial Average continued to see wild swings on Friday.
The Dow finished up 330 points, or 1.38%. The S&P 500 gained 1.49% and Nasdaq was up 1.44%. At one point early in the session Friday, the blue-chip Dow fell as much as 500 points.
For the week of Feb. 5-9, the Dow declined by 5.21%, the S&P 500 dropped by 5.16% and the Nasdaq dropped 5.06%.
The Dow and S&P 500 entered correction territory on Thursday, Feb. 8, as investors continued to navigate extreme market volatility amid rising government bond yields and bets on faster inflation. Stocks finished with sharp losses on Thursday, with the Dow plunging 1,033 points, or 4.15%, to 23,860. The S&P 500 declined 3.75% on Thursday, and the Nasdaq slid 3.9%. The Dow fell below 24,000 for the first time since November 2016.
Benchmark 10-year U.S. Treasury yields, whose rise was the trigger for the global equity market selloff that began a week ago, was flat at 2.795% on Friday after hitting 2.884% on Thursday. The yield's four-year high is 2.885%.
"When the market declines sharply, everyone naturally wonders what's wrong? Nothing is wrong economically," saidGreg McBride, Bankrate.com's chief financial analyst. "The economy is doing better now than it has any time in the past decade. This is just some healthy, and overdue, volatility to wring out any excess." A vote by U.S. lawmakers to avoid a government shutdown failed to lift market sentiment. The House on Friday backed a Senate-approved plan that funds the government for a further two years with a $300 billion spending boost that would swell the federal deficit. Donald Trump tweeted Friday that he signed the bill.Shares of chipmaker Nvidia Corp. (NVDA) rose 6% on Friday after the company posted fourth-quarter earnings and revenue topped Wall Street forecasts.
Adjusted profit was $1.72 a share, beating analysts' estimates of $1.17. Revenue of $2.91 billion topped estimates of $2.68 billion.The company also said it expects revenue in its fiscal first quarter of $2.84 billion to $2.96 billion, well above a $2.46 billion consensus.
Nvidia Cleared a High Bar and Signaled It Has Plenty of Growth Left
Qualcomm Inc.'s (QCOM) board late Thursday rejected Broadcom Ltd.'s (AVGO) "best and final" acquisition offer of $82 a share, valuing Qualcom at $146.4 billion, a price tag Qualcomm's board said didn't properly value the chipmaker. Qualcomm, however, did say it was willing to meet with Broadcom to see if it can address "serious deficiencies in value and certainty."
Qualcomm shares rose 2.5% on Friday. Broadcom also rose 2.5%.
Qualcomm Rejects Broadcom's Sweetened Bid as March Showdown LoomsActivision Blizzard Inc. (ATVI) rose 1.9% after fourth-quarter adjusted earnings from the video game maker beat analysts' forecasts.
Activision Blizzard Stock Could Jump 21% After Strong EarningsAmazon.com Inc. (AMZN) reportedly is planning to launch a delivery service for businesses and shares of FedEx Corp. (FDX) fell 1.6% and United Parcel Service Inc. (UPS) declined 2.6%.
Newell Brands Inc. (NWL) said it received notice Friday that activist investor Starboard Value and Opportunity Master Fund Ltd. planned to nominate 10 members to the company's board. The stock fell 1%.
The Wall Street Journal reported that Starboard was aligning with three former executives of Jarden Corp., which Newell bought less than two years ago in a $15 billion deal, in its campaign to change course at the consumer goods company.
Oil prices in the U.S. fell on Friday for a sixth straight session following data this week that showed record high U.S. production and indications from Iran that it plans to increase output. West Texas Intermediate crude oil declined 3.7% to $58.87 a barrel. It's the first time oil has slipped below $60 for the first time in 2018.