Wall Street closed out a wobbly day of trading Friday with the major stock indexes notching their second straight weekly gain.
The S&P 500 and Nasdaq eked out tiny gains, good enough to nudge each to an all-time high for the fourth time this week. The Dow Jones Industrial Average ended with a slight loss.
The S&P 500 index rose 6.22 points, or 0.2%, to 3,380.16. The Nasdaq composite gained 19.21 points, or 0.2%, to 9,731.18. Both indexes had been down most of the afternoon.Smaller company stocks finished lower. The Russell 2000 index slid 6.15 points, or 0.4%, to 1,687.58.Investors had largely set aside uncertainty about the potential economic fallout from the virus outbreak that originated in China the past two weeks. Stocks ended lower on Thursday for only the second time this month.
The Federal Reserve has also helped reassure investors. This week, Federal Reserve Board Chairman Jerome H. Powell said it was too early to assess the threat the virus poses to the U.S. economy, but he noted that the economy “is in a very good place” with strong job creation and moderate growth. Auto manufacturers, retailers and other companies that rely on consumer spending were among the decliners. Ford Motor dropped 1.8% and General Motors fell 1.5%. Target slid 1.4%.
The slide in oil prices has weighed on energy stocks. The sector is the biggest loser in the S&P 500, down 10.2% so far this year.
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