Stocks claw back some of their losses in another rocky day

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The stock market closed out its worst week in more than two months Friday as a second straight day of turbulent trading ended with more losses.

The S&P 500 fell 0.8%, although the index did claw most of the way back from a 3.1% skid earlier in the day. A slide in technology stocks again did much of the damage.

The selling followed a Labor Department report showing that U.S. hiring slowed to 1.4 million last month, the fewest jobs added since the economy started bouncing back from the initial shock of the pandemic, even as the nation’s unemployment rate improved to 8.4% from 10.2%. The U.S. economy has recovered about half the 22 million jobs lost to the pandemic.The S&P 500 fell 28.10 points to 3,426.96. The Dow Jones industrial average lost 159.42 points, or 0.6%, to 28,133.31.

The VIX, a gauge of how much volatility investors expect in the market, has been rising. Even so, traders were not shifting funds into traditional safe-haven assets like U.S. government bonds and precious metals, a sign that the sell-off was not necessarily a reaction to jitters about the economy. Some of the tech high fliers racked up more losses Friday. Nvidia fell 3%, though the chipmaker is still up more than twofold this year.

 

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