U.S. stocks wrapped up one of the most tumultuous weeks of trading in recent memory with modest weekly gains after closing little changed on Friday. The Dow, which suffered a 1,000 point loss in a matter of minutes on Monday, traded in a 120-point range on Friday, and closed down 12 at 16,643, the S&P closed about a point higher at 1,989 and the Nasdaq ended the day up 16 at 4,828.
Bad news from China has sparked a firestorm in the developing countries that feed its vast industrial machine, leaving a swath of economies with few good ways to escape a crunch.
Oil prices have already fallen to their lowest level in 6 ½ years, and gasoline prices at the pump may soon follow suit. Oil prices fell under $40 a barrel on the New York Mercantile Exchange August 24, their lowest level since February 2009, and at times traded under $39. “If oil remains at this level, it is practically guaranteed that average gas prices will fall below $2 per gallon by Christmas,” said Michael Green, a spokesman for AAA.
Listen in for much more in the Wall Street Wrap-up.
