Tech rebound pulls stocks out of a slump and to weekly gain
Wall Street capped a volatile day of trading Friday with a broad rally that snapped the market’s three-day losing streak.
The S&P 500 gained 2% after clawing back from a 1% skid that followed a 1% surge at the start of trading. Other stock indexes went through similar zigzags but finished with solid gains.
The late-afternoon turnaround made up for some of the losses that the market began racking up after kicking off the week with the S&P 500’s biggest gain since June. The index, which briefly slipped into the red for the year on Thursday, managed to end the week 0.8% higher, its first weekly gain in three weeks.
The S&P 500 rose 73.47 points to 3,841.94. The Dow Jones Industrial Average gained 572.16 points, or 1.9%, to 31,496.30. Earlier, it had been down 157 points. The Nasdaq composite climbed 196.68 points, or 1.6%, to 12,920.15. The tech-heavy index earlier flipped between a gain of 1.2% and a loss of 2.6%.
NEW YORK – Antivirus software entrepreneur John Mcafee was indicted on fraud and money laundering conspiracy charges alleging that he and others made over $13 million by fooling investors zealous over the emerging cryptocurrency market, authorities said Friday.
Mcafee, 75, was charged in a newly unsealed indictment in Manhattan federal court along with Jimmy Gale Watson Jr., who was an executive adviser on what prosecutors described as Mcafee’s “so-called cryptocurrency team.”
Prosecutors said Watson, 40, was arrested Thursday night in Texas. Mcafee, authorities said, is detained in Spain on separate criminal charges filed by the U.S. Justice Department’s tax division.