Boomerang Stock Market Spins Wildly and Ends Up Going Nowhere
- S&P 500 ekes out weekly gain with fifth day of brutal swings
- Fed hawkishness trounces earnings with traders seeking hedge
Photographer: Michael Nagle/Bloomberg
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In another week of severe equity turbulence, the S&P 500 saw three of the biggest intraday reversals of the decade, Microsoft Corp. swung 15% in 15 hours, and stock volatility doubled.
In the end, for one last twist, the index rallied Friday, erasing losses for the week to post one of its smallest wire-to-wire moves in months.