Stocks rebound but still close out worst week since winter

Wall Street rebounded on Friday, led by companies that would benefit most from a healthier economy, but not by enough to keep the stock market from its worst week since the winter.

The S&P 500 rose 49.50, or 1.1 percent, to 4,357.04 following another choppy day of trading. It swung between a loss of 0.4 percent and a gain of 1.6 percent through the day.

The Dow Jones Industrial Average climbed 482.54 points, or 1.4 percent, to 34,326.46, and the Nasdaq composite gained 118.12, or 0.8 percent, to 14,566.70.

Merck helped pace the market and leaped 8.4 percent after it said its experimental pill to treat COVID-19 cut hospitalizations and deaths by half. Prospects for an additional tool to tame the pandemic helped lift shares of airlines, hotels and companies hurt by restrictions on travel and other activities.

The market’s widespread gains weren’t enough to make up for a dismal last few days. The S&P 500 still dropped to a weekly loss of 2.2 percent, its worst since February. A swift rise in interest rates earlier this week rattled the market and forced a reassessment of whether stocks had grown too expensive, particularly the most popular ones.

On Friday, the yield on the 10-year Treasury fell back to 1.46 percent from 1.52 percent late Thursday. That’s still well above its perch of 1.32 percent from a week and a half ago.