Business

Dow stages small recovery after tumultuous week

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US stocks limped through another rough day of trading on Friday but the battered Dow managed to climb by 1.4%.

The Dow Jones Industrial Average had endured its second-biggest fall in history on Thursday, with the decline of 1,032 points only surpassed by the drop of 1,175 witnessed on Monday.

It see-sawed in early Friday trading, turning 1% higher but then reversing its gains to stand more than 1% lower.

It surged again in the final hour, however.

Technology stocks were the big winners, doing well enough to offset the downturn in energy stocks.

Brent crude oil slipped under $63 a barrel, having topped $70 in January.

The broad-based S&P 500 index was up 1.5% and the tech-rich Nasdaq moved ahead by 1.3%.

But, despite the small recovery, the S&P’s performance still saw its biggest weekly drop (5.2%) since January 2016.

By Thursday, some $2.49trn in value had been wiped from the index since its most recent peak on 26 January this year.

:: Ian King – What’s behind the market turmoil?

There were nerves in New York ahead of the US market open
Image:
There were nerves in New York ahead of the US market open

Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, said: “There’s a fair amount of volatility in the market, and our belief is the volatility is leaving investors riddled with stress and uncertainty, which is likely to continue.”

Art Hogan, chief market strategist at Wunderlich Securities, agreed, saying: “We had plenty of volatility today and we’ll see more next week.

“You have to go back to the financial crisis days to see this kind of volatility.”

Mr Hogan said that the best hope for the market is if next week’s US inflation data has no shocks and bond yields stay within their current range.

:: Market slump will be welcomed by some

On Friday, London’s FTSE 100 slid more than 1%, following a 1.5% decline on Thursday.

The drop of nearly 5% over the week took it below 7,100 to its lowest level since December 2016.

European indexes were also sharply down and in Asia, Japan’s Nikkei lost 2.3%.

The US stock market’s problems began late last week after strong wage and jobs figures suggested inflation could increase and the Federal Reserve might raise interest rates faster than expected.

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Sky News

Sky News is a 24-hour international multimedia news organisation based in the UK that started as a 24-hour television news channel. John Ryley is the Head of Sky News, a role he has held since June 2006.

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