Wall Street Rebounds but Scores Weekly Loses

The main indices of the New York Stock Exchange (NYSE) rebounded on Friday but Wall Street could not recoup their recent losses to finish the week down after the U.S. Federal Reserve signaled plans to scale back asset purchases possibly before the end of the year.

Most market sectors showed a positive performance, with tech stocks leading gains as Treasury bond yields continued to decline, but with the prices of commodities, especially crude oil, declining, the energy sector could not recover and fell by more than 7% for the week.

The Dow Jones Industrial Average added about 226 points, or 0.65%, to close at 35,120 points, snapping a three-day declining streak but with the biggest loss among benchmark indexes with a weekly drop of 1.1%.

The S&P 500 gained roughly 36 points, or 0.81%, to finish near 4,442, losing 0.6% for the week.

The tech-savvy Nasdaq Composite Index was the top performer, closing higher by 173 points, or 1.19%, at 14,714.66 points, with a weekly decline of 0.7%.