Gains by technology companies helped snap a three-day losing streak for U.S. stocks Friday, though the market ended with its worst weekly loss since March.
The modest rebound came at the end of a turbulent week on Wall Street as escalating tensions between the U.S. and North Korea rattled global markets.
In the first four days of the week, the Standard & Poor’s 500 index swung from marking its latest record high to posting its biggest single-day drop in nearly three months.
The negative headlines provided many investors with an opportunity to pocket some of their recent gains following a string of record highs fueled by strong corporate earnings.
“It’s been a bit of a roller coaster this week, with all the rhetoric between the U.S. and North Korea,” said Jeff Kravetz, regional investment strategist at U.S. Bank Wealth Management. “That did temporarily shake investors’ complacency, but we think markets are ready to move higher in the back half of the year.”
The recovery fit a recent pattern of investors using dips to put more money in stocks.
There were fewer signs of anxiousness in the markets Friday. Bonds and gold, traditional havens for nervous investors, saw prices little changed, and the VIX, a measure of how much volatility investors expect in stocks, fell 3.3% after a 44.4% jump the day before.
Traders sold off financial stocks amid speculation that the Federal Reserve will decide to hold off on raising interest rates. Regions Financial fell 1.6% to $14.07.
Tech firms, which suffered the brunt of the selling Thursday, were back in the lead Friday. Lam Research Corp. rose 3.2% to $154.26.
Seagate Technology rose 2.3% to $32.29 after investor ValueAct disclosed that it had acquired a 7.2% stake in the digital storage company.
Nvidia, however, slid 5.3% to $155.96. The maker of graphics chips posted earnings that beat expectations, but investors were worried about slowing growth in its data center business.
J.C. Penney sank 16.6% to $3.93 after the department store chain reported quarterly results that fell short of expectations and said sales at established stores fell for the fourth straight quarter.
Trade Desk jumped 8.8% to $54.45 after the Ventura digital-advertising platform operator’s earnings and revenue came in well ahead of expectations.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.19% from 2.20%.
Benchmark U.S. crude rose 23 cents to $48.82 a barrel. Brent crude rose 20 cents to $52.10 a barrel.
Wholesale gasoline rose 1 cent to $1.61 a gallon. Heating oil was little changed at $1.63 a gallon. Natural gas stayed at $2.98 per 1,000 cubic feet.
Gold rose $3.90 to $1,294 an ounce. Silver rose 1 cent to $17.07 an ounce. Copper rose 1 cent to $2.91 a pound.
The dollar fell to 109.04 yen from 109.26. The euro rose to $1.1812 from $1.1774.