U.S. stocks have surrendered most of an early gain after two days of steep losses. Stocks are on track for their biggest weekly losses in six months as investors have been rattled by big increases in interest rates and concerns that U.S.-China trade tensions are impairing global economic growth.
The Dow Jones Industrial Average jumped as much as 414 points shortly after trading began. It had fallen more than 1,300 points over the previous two days. While technology companies traded higher, other groups of stocks including banks and industrial companies turned lower following a strong start. Most of the stocks on the New York Stock Exchange fell.
The S&P 500 index added 18 points, or 0.7 percent, to 2,747 at 1:05 p.m. Eastern time. The benchmark index tumbled 5.3 percent over the past two days and as of Thursday it had fallen for six consecutive days. The S&P is down 6.7 percent since from its latest record high, set Sept. 20.
The Dow briefly turned negative, then rose 114 points, or 0.5 percent, to 25,167. The Nasdaq composite gained 102 points, or 1.4 percent, to 7,431. The Russell 2000 index gave up 7 points, or 0.5 percent, to 1,537. That index, which is made up of smaller and more U.S.-focused companies, has fallen into a 10-percent “correction” since reaching a record high at the end of August.
Technology companies recovered after taking some hard hits over the last two days. Apple climbed 1.6 percent to $217.88 and Microsoft gained 1.5 percent to $107.51. Consumer-focused companies also rallied, as Amazon jumped 1.9 percent to $1,750.25 and Netflix surged 2.8 percent to $330.03.
U.S. crude oil was unchanged at $70.97 a barrel in in New York. Brent crude, the international standard, lost 0.6 percent to $79.79 a barrel in London.
The market’s recent losing streak started when strong