Wall Street ends whipsaw week on upbeat note

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(Reuters) – Wall Street’s main stock indexes climbed more than 1 percent on Friday, giving investors some solace after a week of huge swings that shook the market out of months of calm.

Even with Friday’s gains, the benchmark SP 500 fell 5.2 percent for the week, its biggest weekly percentage drop since January 2016, as volatility spiked back up.

During Friday’s session alone, the SP 500 swung from as high as up 2.2 percent to down 1.9 percent, echoing the big swings of the past week. The Dow moved in a range of more than 1,000 points.

The fresh volatility came a day after the benchmark SP 500 and the Dow industrials confirmed they were in correction territory, both falling more than 10 percent from Jan. 26 record highs.

Friday’s session marked the latest day of sharp swings in the past week that have pulled stocks lower after a steady climb for months to record highs.

“I don’t think the market is focused on fundamentals at all,” Anwiti Bahuguna, senior portfolio manager at Columbia Threadneedle Investments in Boston. “It’s very volatile.”

The Dow Jones Industrial Average .DJI rose 330.44 points, or 1.38 percent, to 24,190.9, the SP 500 .SPX gained 38.55 points, or 1.49 percent, to 2,619.55 and the Nasdaq Composite .IXIC added 97.33 points, or 1.44 percent, to 6,874.49.

  • Instant View: U.S. stocks end week of wild swings

Additional reporting by April Joyner in New York; Editing by Chizu Nomiyama and Nick Zieminski

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