Stocks Shake Off Early Stumbles, End Higher

Dow rises 377
By Newser Editors and Wire Services
Posted May 14, 2020 3:15 PM CDT

(Newser) – The stock market ended a choppy day higher as a turnaround by banks and energy companies helped end a two-day losing streak, per the AP. The S&P 500 managed a gain of 1.2%, rising 32 points to 2,852, but it’s still down 2.6% for the week. The Dow rose 377 points, or 1.6%, to 23,625, and the Nasdaq rose 80 points, or .9%, to 8,943. The latest erratic trading came as hopes for a relatively quick economic recovery continue to collide with caution that moves to reopen the economy could backfire by causing more infections if carried out too soon.

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On Thursday, energy stocks did well after the price of crude oil bounced up 9% on hopes that demand could pick up after collapsing amid the coronavirus shutdowns. Still, many professional investors are worried the market's recent rally was overdone, given how much uncertainty exists about how long the recession will last. On Wednesday, Federal Reserve Chair Jerome Powell warned this could become a prolonged downturn.

(Read more stock market stories.)

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