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U.S. stocks rose slightly on Friday, cutting into losses from earlier in the week that have sent the S&P 500 to the cusp of a bear market and the Dow Jones ndustrial Average on pace for its eighth negative week in a row.
The 30-stock index fell 20.93 points by to open at 31.232.20. For the week, the Dow is off by 2.4% for what would be its first 8-week losing streak since 1923 as relentless selling has taken over Wall Street the last two months.
The S&P 500 forged ahead 3.61 points to 3,904.40.
The S&P 500 fell 0.6% on Thursday and is now about 19% below a record closing high set in early January. This would be the first bear market — defined by many on Wall Street as a 20% drop from a high — since the pandemic decline of March 2020.
The NASDAQ Composite weakened from gains earlier in the session, losing 29.66 points to 11,388.50.
The NASDAQ and S&P 500 are on pace to fall for a seventh-straight week.
Ross Stores was the latest retailer to fall after posting earnings. The stock was down 20%. CEO Barbara Rentler said that “following a stronger-than-planned start early in the period, sales underperformed over the balance of the quarter.”
Elsewhere, shares of Deere also fell 7% on Friday after the heavy equipment maker reported a revenue miss. However, the company beat on earnings estimates and raised its annual profit outlook.
Treasury prices gained ground, lowering yields to 2.82% from Thursday’s 2.85%. Treasury prices and yields move in opposite directions.
Oil prices gained 62 cents to $112.83 U.S. a barrel.
Gold prices doffed $6.20 to $1,835 U.S. an ounce.
