Dramatic Trading Week Comes to a Close

Late rally helps the Dow reclaim some lost ground
By Newser Editors,  Newser Staff
Posted Sep 4, 2020 3:04 PM CDT
Markets Wrap Up Wild 2 Days of Trading
The Wall Street street sign is framed by American flags flying outside the New York Stock Exchange.   (AP Photo/Mary Altaffer, File)

(Newser) – The closing bell on Friday brought to a close a week of a dramatic trading. On Friday, for example, the Dow was down more than 600 points at one point before a late rally—led by tech stocks—helped wipe out much of the losses, reports CNBC. And that came after Thursday's big selloff, which in turn followed a strong day Wednesday that saw the Dow reclaim 29,000. On Friday, the Dow finished down 159 points to 28,133, the S&P 500 fell 28 points to 3,426, and the Nasdaq dropped 144 points to 11,313. Only the Nasdaq losses eclipsed 1%.

“We had a fast and furious rally at the end of August and we’ve given it back,” Barry Bannister of Stifel tells the AP. “Investors are like a herd of gazelle on the Serengeti; it doesn’t take much to spook them. They’re alarmed and on the move.” That's evident in a widely watched index of volatility, the VIX, which has been on the rise of late. Another factor: The markets will be closed on Monday for Labor Day, and Stephanie Roth of JP Morgan Private Bank notes that it's not unusual for investors to pocket gains ahead of a long weekend. (Read more stock market stories.)

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