Markets finish worst week since October

A sign for the New York Stock Exchange hangs after the opening bell at the NYSE on Wall Street in New York City on Wednesday. Photo by John Angelillo/UPI

Jan. 29 (UPI) — The Dow Jones Industrial Average lost more than 2% by the close of trade Friday, closing out the worst week for the index since October.

All three major U.S. stock indexes fell by more than 3% for the week amid market volatility related to the trading of shares in businesses such as GameStop and AMC.

Investors drove up the prices of the companies’ shares this week in an attempt to undermine hedge fund efforts to short the stocks. Stocks for GameStop fluctuated between $483 and $112 Thursday.

The Dow fell below 30,000 for the first time since mid-December, losing 3.28% for the week. The S&P 500 closed at 3,714, dropping nearly 2% Friday and the Nasdaq Composite closed at 12,070, falling 2%.

All three indexes dropped more than 3% for the week.

Shares of GameStop jumped nearly 68% Friday after stock trading app Robinhood agreed to ease restrictions it placed Thursday out of concern for market volatility.

LEAVE A REPLY

Please enter your comment!
Please enter your name here