U.S. stocks bounced between gains and declines Friday, but did little to wipe out heavy losses from a brutal week of selling or ease the fears that hammered the market.
Traders have been racked by growing fears that the economy is headed for another recession. Europe appears no closer to solving the debt crisis that threatens some of its biggest banks. U.S. political leaders are in another standoff over spending that could force the government to shut down.
Shares opened slightly lower, but turned positive in the first half-hour of trading. Later they bounced between small gains and losses.
At 12:48 p.m. Eastern time, the Dow Jones industrial average rose 4 points to 10,738. The Standard Poor’s 500 index rose 5, or 0.4 percent, to 1,134. The Nasdaq composite index rose 17, or 0.7 percent, to 2,472.
Even with the gain, the Dow and the SP are down more than 6 percent for the week. Recession fears and concerns about Europe’s debt crisis led traders to abandon all investments that carry risk — from stocks to corporate bonds to commodities.
Until Friday, shares had fallen every day this week. John Merrill, chief investment officer at Tanglewood Wealth Management in Houston, said Friday’s respite might
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