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Wall Street rally pauses but mints weekly gain

Video Credit: Reuters Studio - Duration: 01:17s - Published < > Embed
Wall Street rally pauses but mints weekly gain

Wall Street rally pauses but mints weekly gain

The S&P 500 ended marginally lower in a choppy session on Friday, but major indexes posted weekly gains for the first time in December.

Fred Katayama reports.

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Wall Street rally pauses but mints weekly gain

Wall Street struggled to extend a rally to a third straight day on Friday.

Energy and materials stocks dragged down the indexes.

But stocks snapped a three-week losing streak in a choppy week that began with the worst-ever Christmas Eve drop.

Aviva Investors' head of U.S. equities, Susan Schmidt.

SOUNDBITE: AVIVA INVESTORS' HEAD OF U.S. EQUITIES, SUSAN SCHMIDT (ENGLISH) SAYING: "I think today's trading pattern is just the last legs of a very volatile week shaking out.

And as we move into year end, there's less and less volatility or should be less and less activity, rather, and we've really seen a lot of movement up and down this week, tremendous amount when you look back to where we were on Monday." Tesla shares rallied.

The electric automaker named Oracle co-founder Larry Ellison and Walgreens Boots Alliance's executive Kathleen Wilson-Thompson to its board.

Wells Fargo shares advanced.

The bank reached a $575 million settlement with U.S. states to settle claims that it had created phony accounts and committed other customer abuses.

Shares of Amazon.com and Disney rose.

The Wall Street Journal reports the online retailer and Sinclair Broadcast Group are in talks with the New York Yankees ball club about a joint bid for the team's regional sports network, Yes.

European shares made solid gains, buoyed by the bounce on Wall Street.



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