Stocks clawed back most of their earlier losses on Friday as names that would benefit from the economy reopening outperformed and some tech shares recovered.
The Dow Jones Industrials came off its lows of the day and fell 159.42 points short of breakeven to close out Friday and the week at 28.133.31.F The 30-stock index sustained such a wild swing Friday that it actually registered positive with about an hour left in the session.
The S&P 500 fell 28.1 points to 3,426.96.
The NASDAQ Composite slid 144.97 points, or 1.3%, to 11,313.13.
Boeing shares rose more than 1% while bank stocks gained broadly. JPMorgan Chase and Citigroup were both up more than 2%. Bank of America climbed 3.5%. Wells Fargo advanced 1.1%. More beaten-down parts of the market rebounded Thursday and added to those gains Friday. Cruise operator Carnival advanced 2.6% on Friday.
Both Tesla and Apple rallied recently after announcing stock splits.
On Friday, Apple was down as much as 8.3%. With roughly one hour left in the session, however, the stock traded less than 1% lower.
To be sure, more beaten-down parts of the market rebounded Thursday and added to those gains Friday. Cruise operator Carnival advanced 2.6% on Friday. United Airlines rose about 1%.
On the economic beat, the U.S. Labor Department said the unemployment rate fell to 8.4% last month from 10.2% in July.
Economists polled by Dow Jones expected the rate to decline to 9.8%. As for overall jobs creation, employment in the U.S. grew by 1.37 million in August, topping an estimate of 1.32 million.
Bank stocks rose following the data release as Treasury yields climbed. Citigroup, Bank of America and JPMorgan Chase were all up at least 1.4%. Wells Fargo climbed 1%
Prices for the 10-Year Treasury slid, raising yields to 0.68% from Thursday’s 0.64%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.31 to $40.06 U.S. a barrel.
Gold prices skidded $7.40 to $1,930.40 U.S. an ounce.