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Stocks rise on Wall Street, trimming their weekly losses

by todayminutes
January 29, 2022
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In this photo provided by the New York Stock Exchange, trader Ben Tuchman works on the floor, Friday, Jan. 28, 2022. Stocks rose in afternoon trading on Wall Street Friday, potentially trimming losses for some of the major indexes this week. (Allie Joseph/New York Stock Exchange via AP)

Stocks rose in afternoon trading on Wall Street Friday, trimming losses for some of the major indexes this week.

The S&P 500 rose 1.3% as of 3:20 p.m. Eastern. The gains come late in a week where investors had been monitoring the index for what market watchers call a “correction”, which is when an index sheds more than 10% of its value from a record high. The index is now 8.6% below the latest record reached on Jan. 3.

The Nasdaq rose 1.9% as technology stocks rallied, led by Apple. Apple shares rose 5.8% after reporting strong financial results. Microsoft rose 1.3%.

The Dow Jones Industrial Average rose 293 points, or 0.8%, to 34,455 and is now in the green for the week after three weeks of losses.

Bond yields edged lower. The yield on the 10-year Treasury fell to 1.77% from 1.81% late Thursday.

The S&P 500 is still on track for its fourth weekly loss in a row and the Nasdaq is headed for its fifth straight weekly loss. Broad weekly losses like this haven’t hit the market since September 2020.

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