Stocks Up After Ugly Week

Paulina Likos

All three indices finished off the week pointing up at market close on Friday with volatility down following yesterday's market sell-off.

Markets on Thursday showed its worst trading day since the mid-March sell-off, as concerns over the continued spread of the coronavirus sparked investor fears of the pace of economic recovery.

But despite the Dow Jones Industrial Average 6.9% drop yesterday, the Dow gained nearly 2% on Friday, finishing the day at 25,605.

Both the S&P 500 and Nasdaq closed up at 1.3% and 1%, respectively, at the end of today's trading day.

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Setting the tone. Federal Reserve Chairman Jerome Powell's speech this week startled the markets with his announcement that interest rates will be staying near 0% through 2022, with a 6.5% fall in growth domestic product this year. Powell's remarks set the tone for the markets for the rest of the week.

The sell-off this week shows the pandemic is still ahead of everyone's mind as coronavirus cases increased in states that reopened with increased worries of the virus' resurgence.

Market movers. Some of the stock movers today were Net Element Inc. ( NETE), a financial technology company up 77%, Vaxcyte Inc. (PCVX), vaccine maker climbed 63%.

Flying high. Boeing ( BA) was one of today's winners, up by more than 11% and closing at $189.51.

WFH economy. Adobe ( ADBE) posted "better than forecast" quarterly earnings after the bell on Thursday. The company's subscription products are in high demand with the "work from home" economy, and the market responded on Friday with shares rising nearly 4.9%.

Paulina Likos is an investing reporter at U.S. News & World Report, covering investing and asset management. Before beginning her career as an investing reporter, Paulina graduated from Villanova University where she studied political science, communication and business management. Out of college, Paulina spent several years as a risk manager at Fannie Mae, predicting and reducing credit risk for the company.

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