Friday’s stock market rally in final hour of trade helping Nasdaq erase over 1% weekly skid

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U.S. stocks on Friday were ending a choppy week on a high note, which was helping the technology-laden Nasdaq Composite Index wipe out a more than 1% weekly drop in the final hour of trading. The Nasdaq Composite Index on Friday afternoon was up 2.4% on the day, which was putting it in position to notch a weekly gain of about 1.2%, an accomplishment for the benchmark which had begun the session in a 1.1% hole. The moves on the day highlight a volatile period for stocks as investors fret about the lack of further stimulus from Washington to help out-of-work Americans during the COVID-19 crisis, viewed as a key pillar to helping equities take another leg higher from the financial and public health crisis that reached a peak for the stock market in March. Rising cases of coronavirus and a looming 2020 presidential election also contributed to the turbulence. The Dow Jones Industrial Average, meanwhile, was up more than 400 points on Friday at 27,227, while the S&P 500 index was up 1.8% at 3,304. Although the Nasdaq looked likely to avoid a fourth straight weekly decline, the S&P 500 was still on track for a weekly declined of 0.5% and the Dow was set for a 1.6% weekly skid, despite the late-session advance.
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