The S&P 500 staged a strong rebound Friday and was on track to finish a topsy-turvy week at a fresh record.
The S&P 500 added around 1%, following its worst one-day retreat since June 18, and was headed toward a closing high. The Dow Jones Industrial Average added around 420 points, or 1.2%. The Nasdaq Composite gained 0.9% and was also on track for a record.
Many investors rushed to buy the stock-market dip after Thursday’s declines, continuing a trend that has become a feature of the stock market’s rally over the past year. That desire, alongside easing concerns about the economic recovery, lifted stocks on Friday and overshadowed any worries about President Biden’s executive order to limit corporate dominance.
“It’s certainly on my list of worries that wasn’t there yesterday,” said Chris Grisanti, chief equity strategist at MAI Capital Management, referring to the executive order. But Mr. Grisanti said that for people wondering if the party is over yet: “I don’t think it is.”
Friday’s moves continue what has been a rocky week for the stock market, with the S&P 500 notching a fresh high on Wednesday before sinking in the following session.