Stocks gyrate as Wall Street’s wild week continues

Stocks alternated between gains and losses on Friday as Wall Street concluded a roller-coaster week.

The Dow Jones Industrial Average traded 63 points higher after falling 150 points earlier in the day. The S&P 500 was up 0.2 percent along with the Nasdaq Composite. Gains in Apple, Amazon and Netflix lifted the tech-heavy Nasdaq. Both the Nasdaq and S&P 500 were also lower earlier on Friday.

On Thursday, the Dow closed 260 points higher after falling as much as 611 points. That reversal marked the 30-stock index’s biggest intraday turnaround in eight years. The S&P 500 also posted solid gains after declining more than 2 percent while the Nasdaq erased a 3 percent loss.

“We’re in the year-end period where there are a lot of folks that have stepped away from the market and therefore some significant changes in buy or sells have a more profound impact on the market,” said Gibson Smith, founder of Smith Capital Investors. “There’s another big component: A lot of focus-driven issues are being driven to a head. Some of it is on trade, some of it on the government shutdown, the Federal Reserve versus Donald Trump, they are all coming to a head at a time when there is a lot of illiquidity in the market. ”

“I think the market is growing tired of some of the uncertainty and some of the erratic nature of communication that has come out. That’s causing some of the volatility,” Smith added. “The volatility is going to continue and it’s going to continue into the New Year. There are still a lot of unresolved issues that sit on the horizon.”

Source: CNBC

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