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FILE - People walk past the New York Stock Exchange on Aug. 7, 2024 in New York. (AP Photo/Peter Morgan, File)

Wall Street ends a wild and scary week almost exactly where it began. More tests loom next week

U.S. stocks closed a wild, whipsaw week for Wall Street with modest gains

By STAN CHOE
Published - Aug 09, 2024, 05:20 PM ET
Last Updated - Aug 09, 2024, 05:20 PM EDT

NEW YORK (AP) — After a manic week that began with Japanese stocks falling to their worst loss since 1987's Black Monday, only for U.S. stocks to soar later to their best day since 2022, slight gains on Friday carried Wall Street almost exactly back to where it began the week.

The S&P 500 rose 0.5% to shave what had been a brutal loss for the week down to a barely registerable 0.04%. The Dow Jones Industrial Average added 51 points, or 0.1%, and the Nasdaq composite climbed 0.5%.

The gains pulled the S&P 500 back within 5.7% of its all-time high set last month, after it had sunk nearly 10% below that record during the week. It was a vicious return of volatility for a market that had been rising smoothly, and a measure of fear on Wall Street briefly surged toward its highest level since the 2020 COVID crash. It also may not be over. Worries are still high about the strength of the U.S. economy, and reports are due next week on inflation, sales at retailers and other measures of strength.

But on Friday, at least, the mood was one of calm after more big U.S. companies joined the pile reporting better profit for the spring than analysts expected.

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