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Stocks rose on Friday as traders tried to recover some of the ground lost in the previous session.
The Dow Jones Industrials popped 176.44 points to end the week at 33,203.93.
The S&P 500 acquired 22.43 points at 3,844.82.
The NASDAQ Composite Index finally moved into the green, 21.74 points, to 10,497.86.
The major indexes oscillated Friday morning after the core personal consumption expenditures price index, the Federal Reserve’s preferred gauge of inflation, came in slightly hotter than economists expected on a year-over-year basis, indicating that inflation is sticking despite the Fed’s efforts to fight it.
The S&P 500 ended Friday down about 0.2% for the week, posting its third straight weekly decline. The NASDAQ, meanwhile, lost 2% for the week.
Recession fears have resurged recently dashing some investors’ hope for a year-end rally and leading to big losses in December. Investors worry that overtightening from central banks worldwide could force the economy into a downturn.
For December, the S&P 500 has lost 5.8%, while the Dow fell more than 4% and NASDAQ lost more than 8.5%, the biggest monthly declines for the major averages since September. Stocks were also on pace for their worst annual performance since 2008.
Prices for the 10-year Treasury wilted, raising yields to 3.75% from Thursday’s 3.68%. Treasury prices and yields move in opposite directions.
Oil prices climbed $2.14 to $79.63 U.S. a barrel.
Gold prices heightened $9.90 to $1,805.20 U.S. an ounce.
