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(Bloomberg) — US stocks gained for the week thanks to a rebound Friday in mega-cap technology stocks and the expected return of regular economic data releases next week with the US government reopening.
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The S&P 500 Index ended Friday’s session little changed. Energy was the top-performing of 11 market sectors Friday, thanks to climbing oil prices. The index’s largest sector by weight, technology, bounced from being one of the worst-performing sectors to a 0.7% gain.
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The tech-heavy Nasdaq 100 closed up 0.1%, while the blue-chip Dow Jones Industrial Average declined 0.7%.
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Wall Street analysts had been urging investors to buy the dip Friday. Dennis DeBusschere, founder of 22V Research, told clients in a note to “buy dips in fundamental factors.”
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Wedbush analysts led by Dan Ives said now is “not the time to head for the elevators” and said the pullback was an opportunity to buy ahead of a “major rally into the rest of the year.”
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The declines had come as traders trimmed bets that the Federal Reserve will cut rates at its December meeting as Fed speakers this week have raised concerns about inflation.
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“Fears of a Fed pause in December replaced fears of a prolonged government shutdown,” said Brian Jacobsen, chief economic strategist at Annex Wealth Management. He said, “there’s always something to worry about.”
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US President Donald Trump is preparing to make substantial cuts to tariffs to address high food prices after a series of electoral victories for Democrats in state and local races.
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The Bureau of Labor Statistics said Friday it would release jobs data for September next week. Economic data, including inflation reports, have been delayed by the US government shutdown.
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“While the government shutdown is over, there continues to be an economic data blackout that will take some more time to work itself out,” said Rick Gardner, chief investment officer at RGA Investments. “This is partly why stocks have been pulling back and trying to find their footing.”
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