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US stocks climb but end the week mixed as investors worry about a coming recession

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Lucas Jackson/Reuters

  • US stocks rose on Friday, but had a mixed performance for the week as investors worry about an upcoming recession.
  • The Nasdaq closed the week with a gain, though the Dow and the S&P 500 finished lower.
  • Tech stocks rallied on the latest batch of corporate earnings and layoffs sweeping the sector.

US stocks rose on Friday, but saw mixed results over the week as investors continue to fear an oncoming recession.

The Dow and S&P 500 notched weekly losses of 3% and 0.9%, respectively, while the Nasdaq gained 0.5% as tech stocks rallied on fresh corporate earnings and layoffs sweeping the sector.

Netflix jumped 7% after posting unexpected subscriber growth, and Google parent Alphabet climbed 5% after announcing it would slash 12,000 employees.

Those moves come amid an ever-gloomier macro backdrop, with expectations for the Fed to take interest rates higher to rein in inflation, while risking a recession.

Philadelphia Fed President Patrick Harker and Fed Governor Christopher Waller were the latest central bankers to support a 25-basis-point rate hike in February, softer than December’s rate hike of 50-basis-points.

Here’s where US indexes stood at the 4:00 p.m. closing bell on Friday: 

Here’s what else is going on: 

In commodities, bonds, and crypto: 

Read the original article on Business Insider