U.S. stocks rallied before closing Friday to end the week up after major volatility caused by fears that the coronavirus outbreak could damage the economy.
The Dow Jones Industrial Average opened Monday at 25,562 and closed Friday at 25,867. However, the index closed down for the day Friday by 0.98%. The Nasdaq composite also ended the week slightly up, while the S&P 500 finished slightly down.
The price per barrel for oil fell 9.93%, plunging Friday after Saudi Arabia failed to convince Russia to join its plans to reduce production at a meeting of OPEC.
Friday’s close in the markets put an end to a wild week on Wall Street.
Stocks closed down on Thursday after they soared at closing on Wednesday.
Markets on Wednesday reacted in part positively after Joe Biden won 10 states in Super Tuesday primaries, reassuring voters that he could become the Democratic nominee. The markets also reacted positively to congressional leaders agreeing on an $8.3 billion response to the coronavirus.
On Tuesday, U.S. stocks tumbled despite the Federal Reserve’s emergency enactment of an interest rate cut meant to reassure markets that the coronavirus outbreak wouldn’t lead to a downturn.
On Monday, stocks increased dramatically as investors hoped that the Federal Reserve and other central banks would ease money in response to the slowdown in commerce generated by the coronavirus outbreak. Ironically, the Fed cut interest rates on Tuesday, but the market reacted negatively.
