Stocks Seesaw From Big Gains, to Losses, and Back Again
*By Carlo Versano*
What the market giveth, the market taketh away...or does it?
After coming out of the gate roaring Friday morning, the Dow Industrials gave back 400 points worth of gains and turned negative midday. But just a few minutes later, around 1:10 pm ET, the index was back up triple digits. The tech-heavy Nasdaq was up about 1.4 percent.
While stocks were well off their highs of the day, tech names, which saw some of the biggest losses over the previous two days, were largely higher Friday. Four of the so-called FAANG stocks ー Apple ($AAPL), Amazon ($AMZN), Netflix ($NFLX), and Google parent Alphabet ($GOOGL) ー added a combined $67 billion back to their collective market cap. The only one that was down was Facebook ($FB), which provided an update to the data breach announced last month, saying attackers stole data from 29 million users.
Trading was once again choppy amid a mounting heap of concerns over the global economy, trade tensions, interest rates, and a slowdown in tech.
The major indexes are on pace for their worst week since March.
Adam Bry, co-founder and CEO of drone manufacturer Skydio, joined Cheddar News to discuss the company's latest funding round and the Russia-US drone collision.
Credit Suisse saw its shares stabilize after the Swiss National Bank approved a loan of nearly $54 million for the company. A top investor notified Credit Suisse on Wednesday that it wouldn't be able to provide further assistance to the lender.
Cheddar News breaks down what surge pricing is and how it works as a variety of businesses are taking notes from models long used by airlines and ridesharing companies to boost profits.
Fewer Americans applied for jobless claims last week as the labor market continues to thrive despite the Federal Reserve's efforts to cool the economy and tamp down inflation.
Stocks rallied after a group of big banks offered a lifeline to the bank Wall Street had zeroed in on in its hunt for the next victim in the industry’s struggles.
