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Wednesday, April 21, 2021

Stocks gain, but still end the week lower

NEW YORK (AP) — Stocks clawed back Friday to regain some of the ground they lost in a two-day rout but still suffered their biggest weekly loss in six months.

Even with Friday’s moderate gains, major U.S. indexes lost about 4 percent for the week. A recent spike in interest rates has spooked investors who fear higher borrowing costs could slow down the economy.

Longtime market favorites like Amazon and Apple came roaring back with gains of about 4 percent each.

Several major banks including PNC Financial fell, however, and small-company stocks lagged far behind the rest of the market.

The S&P 500 index rose 38 points, or 1.4 percent, to 2,767.

The Dow Jones Industrial Average rose 287 points, or 1.1 percent, to 25,339. The Nasdaq tech-heavy composite rose 167 points, or 2.3 percent, to 7,496.

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