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Volatility Marks the End of a Turbulent Week for U.S. Indices
The major U.S. stock market indices concluded the trading session on a positive note, partially recovering from the significant sell-off experienced earlier in the week, as reported by CNBC.
The Dow Jones Industrial Average, a benchmark for blue-chip stocks, increased by 0.13% to close at 39,497.93 points.
The broader S&P 500 saw a rise of 0.47%, finishing at 5,344.18 points.
Meanwhile, the technology-focused Nasdaq Composite climbed by 0.51%, reaching 16,745.30 points.
This marks the end of the most volatile week of the year for Wall Street. On Monday, the Dow plummeted by 1,000 points, with the S&P 500 experiencing a 3% drop, marking its worst day since 2022. Disappointing labor market data from the previous week and concerns that the Federal Reserve was slow to implement interest rate cuts were key drivers of the sell-off.
Despite the early week turmoil, the major indices managed to bounce back in subsequent days, buoyed by a positive report on unemployment claims released on Thursday.
Weekly Performance Overview
Despite the recovery, for the week, the Dow recorded a decline of 0.7%, while the Nasdaq fell by 0.4%.
Shares of major tech companies saw gains, with Apple increasing by 1.37%, Microsoft by 0.83%, Alphabet by 0.95%, and Meta by 1.6%.
Tesla’s stock rose by 0.58%, and General Motors saw an increase of 1.75% in its share price.
Bond and Currency Market Movements
In the bond markets, yields on 10-year and 30-year U.S. Treasury bonds decreased to 3.94% and 4.221%, respectively.
The U.S. dollar index experienced a slight dip of 0.06%, settling at 103.14 points.
Commodity Price Changes
On the oil markets, the price of international benchmark Brent crude rose by 0.63%, reaching $79.66 per barrel, while U.S. light crude (WTI) increased by 0.98% to $76.94 per barrel.
Gold prices also saw an uptick, rising by 1.27% to $2,463.30 per troy ounce.
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