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Stocks stabilize on coronavirus aid hopes

U.S. stocks flipped between small gains and losses Friday, capping a turbulent week on hopes government and central bank action can shield the global economy from the coronavirus pandemic.

Members of President Donald Trump’s economic team were convening Friday on Capitol Hill to launch negotiations with Senate Republicans and Democrats racing to draft a $1 trillion-plus economic rescue package amid the coronavirus outbreak.

The Dow Jones Industrial Average dipped 12 points, after a relatively modest change a day earlier after wild price swings over the past week. The blue-chip average climbed 188.27 points Thursday to close back above 20,000. The Standard & Poor’s 500 slipped 0.2%. Both were on pace for weekly losses of at least 11%. 

The Nasdaq Composite climbed nearly 1%, driven by a rise in technology shares.

“The one glimmer of light in this dark period is that Asia and its supply chain is recovering quicker than expected,” says Daniel Ives, an analyst at Wedbush Securities. “Even though consumers and investors across the U.S. and Europe are in lock down, we are seeing signs that the global supply chain is starting to normalize over the longer term.”

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