Wall Street twisted its way through another difficult session Friday, discouraged about the economy’s prospects but still managing a higher finish after some concerns about the beleaguered financial sector lifted late in the session.
Word shortly before the closing bell that Citigroup Inc.’s board plans to meet in an emergency session over the weekend helped that stock and other financials pare sharp losses.
Wall Street was clearly still shaky after Thursday’s sharp pullback, which took the Dow down more than 360 points – the fourth biggest drop of the year. The market has been mercurial lately, with economic data coming in mixed and the possibility of interest rate cuts ending, and Friday’s trading saw the major indexes alternating between gains and losses.
In late afternoon trading, the Dow rose 27.23, or 0.20 percent, to 13,595.10.
Broader stock indicators also rose. The Standard & Poor’s 500 index rose 1.23, or 0.08 percent, to 1,509.67, while the Nasdaq composite index rose 15.55, or 0.56 percent, to 2,810.38. [MORE]