Stocks Close with Modest Gains After Worst Week Since April
(NEW YORK) — The week couldn’t end soon enough for many investors. Friday’s close rounded out the worst week for stocks since April.
While the Dow Jones Industrials managed to close up 41 points at 14,799.40 on Friday, the blue chips index closed down 2 percent for the week. The Nasdaq Composite dropped 7 points to close at 3,357.25, and the S&P 500 added 4 points for the day and closed at 1,592.43.
The markets took a wild swing on Wednesday after Federal Reserve chairman Ben Bernanke announced that the central bank would start to cut back its federal stimulus. Investor fears before and after the announcement caused a major global sell-off, and the roughest week for stocks in two months.
The Fed also said interest rates will increase, but only after the unemployment rate falls below 6.5 percent.
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