U.S. Stocks Finish Volatile Session Mostly Higher But Post Steep Weekly Losses

(RTTNews) - Stocks saw significant volatility over the course of the trading session on Friday, as the major averages swung back and forth across the unchanged line before eventually closing firmly positive.

The major averages came under pressure after initially showing a lack of direction, with the Nasdaq and the S&P 500 hitting five-month intraday lows before rebounding in afternoon trading.

The major averages held onto their gains going into the close of trading. The Nasdaq advanced 126.97 points or 0.7 percent to 18,196.22, the S&P 500 climbed 31.68 points or 0.6 percent to 5,770.20 and the Dow rose 222.64 points or 0.5 percent to 42,801.72.

Despite ending the day higher, the major averages all posted steep losses for the week. The Nasdaq plunged by 3.5 percent, the S&P 500 tumbled by 3.1 percent and the Dow slumped by 2.4 percent.

The volatility on Wall Street came following the release of a closely watched Labor Department report showing employment in the U.S. increased by slightly less than expected in the month of February.

The report said non-farm payroll employment climbed by 151,000 jobs in February after rising by a downwardly revised 125,000 jobs in January.

Economists had expected employment to grow by 160,000 jobs compared to the addition of 143,000 jobs originally reported for the previous month.

The report also said the unemployment crept up to 4.1 percent in February from 4.1 percent in January, while economists had expected the unemployment rate to remain unchanged.

While the report added to recent concerns about the strength for the economy, the data may also have generated some optimism about the outlook for interest rates.

Bargain hunting may have contributed to the afternoon recovery, which came even though Federal Reserve Chair Jerome Powell reiterated the central bank does not "need to be in a hurry" to adjusted interest rates amid uncertainty about the effects of President Donald Trump's policy changes.

Powell argued during remarks at the University of Chicago Booth School of Business 2025 U.S. Monetary Policy Forum that the Fed is "well positioned to wait for greater clarity" about the impact of Trump's policy changes.

Sector News

Semiconductor stocks showed a substantial turnaround over the course of the session, with the Philadelphia Semiconductor Index surging by 3.2 percent after hitting a seven-month intraday low in late morning trading.

Interest rate-sensitive utilities and telecom stocks also turned in strong performances on the day, driving both the Dow Jones Utility Average and the NYSE Arca North American Telecom Index up by 2.0 percent.

Oil producer stocks also saw considerable strength amid a notable increase by the price of crude oil, while significant weakness remained visible among airline and retail stocks.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Friday. Japan's Nikkei 225 Index dove by 2.2 percent, while Hong Kong's Hang Seng Index fell by 0.6 percent.

Most European stocks also moved to the downside on the day. While German DAX Index slumped by 1.8 percent, the French CAC 40 Index slid by 0.9 percent and the U.K.'s FTSE 100 Index closed just below the unchanged line.

In the bond market, treasuries came under pressure after early move to the upside, extending their recent pullback. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose 3.1 basis points to 4.317 percent after hitting a low of 4.211 percent.

Looking Ahead

Reports on consumer and producer price inflation are likely to be in focus next week along with readings on consumer sentiment and inflation expectations.