Wall Street had gained back the deep low's the the stock market saw on Friday, but all three market averages ended the day in negative territory. Despite the loss, the S&P 500 gained 0.6%, Dow Jones increased 1.7% and Nasdaq bumped up 0.1% after the wildly volatile week. Global markets have slumped for over two weeks now as investors fear the worst for the global economy as coronavirus cases top 100,000.
This week also marks the S&P 500's most volatile week in history. Since 1927, this is the first time the index has a week of alternating gains and loses of more than 2%. Mike Loewengart, managing director of investment strategy at E-Trade (NASDAQ: ETFC), stated: "The message to all investors is that they should expect this volatility to continue. This should be considered the new normal going forward."
Here's how major U.S. stock indices closed out the week:
S&P 500 Index (NYSE: SPY): -1.70% or -51.48 to 2,972.46
Dow Jones Industrial Average (NYSE: DIA): -0.97% or -253.52 to 25,867.76
Nasdaq Composite Index (NASDAQ: QQQ): -1.87% or -162.98 tp 8,575.62
In Major Stock News, airline stocks--Untied Airlines (NASDAQ: UAL), Southwest Airlines (NYSE: LUV), American Airlines (NASDAQ: AAL), Delta Air Lines (NYSE: DAL) and Alaska Air (NASDAQ: ALK)--rebounded slightly after U.S. chief economic advisor Larry Kudlow said that the White House is considering helping the industry offset the negative impact the coronavirus has had on the industry. Energy stocks--Occidental Petroleum (NYSE: OXY), Marathon (NYSE: MPC) and Exxon Mobil (NYSE: XOM)--fell sharply as the price of crude oil continues to decline and members of OPEC failed to reach an agreement on production cuts.
In Stock Sector News, all sectors are showing red Friday. The negative performance is as follows: Energy -5.61%, Financials -3.29%, Materials -2.62%, Information Technology -2.03%, Real Estate -1.69%, Consumer Discretionary -1.41%, Communication Services -1.25%, Industrials -0.90%, Utilities -0.77%, Consumer Staples -0.77% and Health Care -0.52%.
Lastly, in Commodity and Currency News, crude oil barrel prices reached over ten year lows Friday. The West Texas Intermediate (NYSE: USO) tanks almost -9.7% to cost just over $41 per barrel and Brent Crude (NYSE: BNO) sunk a little over -9.2% to cost around $45. Gold (NYSE: GLD) saw a slight bump in share price, increasing +0.13% from yesterday's spike. Finally, the U.S. Dollar (NYSE: UUP) is continuing to lose strength when compared to other world currencies, with the DXY Index dropping -0.56%.