The selling pressure had resumed late Wednesday evening in the index futures and remained steady throughout most of Thursday after pausing following Wednesday's close. It only let up in the final thirty minutes of trade on Thursday, but the pace of the reprieve slowed afterhours and set the stage for another sharp decline into early Friday morning. This created a type of double bottom known as a "2B" whereby the second low on the 15 minute time frame slightly breeched Thursday's low to create bear trap. This helped the market recover into Friday afternoon and trim the week's losses, but it wasn't enough to elicit any strong sighs of relief and Friday's session was mixed.
S&P 500 (Figure 2)
The Dow Jones Industrial Average ($DJI) ended the day on Friday with a gain of 37.65 points, or 0.35%, and closed at 10,771.48.After the extreme losses experienced earlier in the week, nearly two-thirds of the Dow managed to post a gain on Friday as market participants repositioned themselves ahead of the weekend. The top performers were Bank of America (BAC) (+4.13%), Intel (INTC) (+2.55%), Home Depot (HD) (+2.03%), and Cisco Systems (CSCO) (+1.83%). The weakest were DuPont (DD) (-2.86%) and Hewlett Packard (HPQ) (-2.11%). The Dow's outcome for the week as a whole was a loss of 6.41%.
The S&P 500 ($SPX) gain of 6.87 points, or 0.61%, and closed at 1,136.43. The top percentage performers in the index were Hospira Inc. (HSP) (+8.62%), Gannett Inc. (GCI) (+6.32%), Sprint Nextel Corp. (S) (+5.65%), and Stanley Black & Decker (SWK) (+5.65%). The weakest performers were Range Res. Corp. (RRC) (-11.45%), Cabot Oil & Gas (COG) (-5.58%), EQT Corp. (EQT) (-4.09%), and EOG Res. Inc. (ROG) (-3.95%). The S&P 500 ended the week lower by 6.54%.