US STOCKS-Wall St rallies but ends lower for week

viernes 26 de septiembre de 2014 16:23 GYT
 

* Indexes up: Dow 1 pct, S&P 0.9 pct, Nasdaq 1 pct

By Ryan Vlastelica

NEW YORK, Sept 26 (Reuters) - U.S. stocks ended higher on Friday, with the S&P 500 rallying back above a key technical level, but the advance was not enough to offset recent declines and major indexes closed out their worst week of the past eight.

The day's gains were broad. While all ten primary S&P 500 sectors ended higher on the day, energy was the top advancer, up 1.3 percent alongside a 1 percent rise in the price of crude oil.

Much of the advance came after a read on second-quarter GDP showed that the economy grew at its fastest pace in 2-1/2 years.

Equity markets have seen bigger moves of late, including a selloff on Thursday that was the S&P's biggest one-day decline since July. In four of the past five sessions, the S&P posted a point move that was larger than its 14.6 point average over the past 250 sessions.

"It's interesting to see this kind of rebound so quickly, but it shows you how skittish the market is, with volatility higher in both directions," said Michael Mullaney, chief investment officer at Fiduciary Trust Co in Boston.

The S&P closed back above its 50-day moving average, which it had closed below on Thursday for the first time in more than a month. A protracted period under that level could have portended deeper losses ahead, but traders extended their recent trend of using market declines as buying opportunities. The S&P is about 1.4 percent below a record close hit earlier this month.

"Buyers are showing back up at the party," said Mullaney, who helps oversee about $11.7 billion in assets. "The bottom line is that the outlook is still very solid, so it isn't unusual to see traders come back in."   Continuación...