Wall Street closed out a choppy week of trading Friday with a mixed finish for the major stock indexes, though the Standard & Poor’s 500 index managed its first weekly gain in three weeks.
The modest showing followed a two-day rally that helped erase a slump earlier in the week. Investors have been facing similar choppiness throughout September as they try to gauge how the economy will continue its recovery.“The market today was sort of catching its breath after the sharp slump in the first two days of the week and the sharp advance in the second two days of the week,” said Sam Stovall, chief investment strategist at CFRA.Meet Lynette Adkins.
Traders did receive some clarity from the Federal Reserve this week. After its two-day policy meeting concluded Wednesday, the central bank said it will probably begin tapering the pace of its monthly bond purchases soon, but not before November, if the economy keeps improving. The Fed and other central banks have been buying bonds throughout the pandemic to help keep long-term interest rates low.
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