Stocks - Wall Street Ends Wild Week With a Whimper
Investing.com - Stocks closed the book on a crazy Christmas week of trading slightly lower after an attempt at another late-day rally faded into the close.
The S&P 500 ended 0.14% lower, the Dow fell 0.33% and the Nasdaq Composite maneaged to stay just higher, up 0.08%.
The market was volatile through trading today, which was to be expected not only for a low-volume Friday ahead of a holiday, but for they type of week Wall Street has had.
Today, the Dow enjoyed Mr. Toad’s Wild Ride again, starting slightly higher, quickly retreating to the red, rallying up more than 200 points in afternoon trading before closing 76 points lower.
For the holiday-shortened week, the S&P was up about 2.8%, the Dow finished more than 2.7% higher and the Nasdaq jumped about 4%.
“The market does seem to be forming a tradeable bottom," Michael Arone, chief investment strategist at State Street (NYSE:NYSE:STT) Global Advisors, said. "In the last few days and even including today, you are seeing investors come in and starting to look for some bargains.”
The rebound in stocks this week comes as investors may be rotating into equities from bonds. U.S. fund investors added $5.2 billion to equity funds in the first net positive flows for such funds this month, while bonds funds saw $8.3 billion in outflows, according to Lipper data for the latest weekly period.
Among notable stock moves, Transocean (NYSE:RIG) rode a new deal with Chevron (NYSE:CVX) to close 4.6% higher, confounding an the energy sector, which ended lower overall despite higher oil prices.
The tech sector managed to show a little strength thanks to a rebound in the semiconductor sector from the previous session.
Applied Materials (NASDAQ:AMAT) rose 2.6%, Advanced Micro Devices (NASDAQ:AMD) gained 1.9% and Intel (NASDAQ:INTC) closed up 0.8%.
Tesla (NASDAQ:TSLA) shares jumped 5.6% after the electric carmaker named Oracle (NYSE:ORCL) co-founder Larry Ellison to its board, in response to a demand by U.S. regulators for independent oversight of company management.
And Dell Technologies returned to public markets, nearly six years after the company's founder and chief executive, Michael Dell, took it private.
-- Reuters contributed to this report.
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