"It was a sharp and violent week in the stock market, but it's my sense that the worst is over," Michael Kaufler, a portfolio manager at Federated Investors, told The Associated Press.
The Dow Jones Industrial Average started the week with a drop of 634 points, reacting to the first-ever U.S. credit downgrade from Standard & Poor's. Tuesday saw the Dow rise 429 points, followed by a plunge of 519 points Wednesday. Thursday's report of the biggest drop in unemployment applications in four months pushed the Dow up 423 points.
Friday saw a rebound in July retail sales, pushing the Dow up in spite of a survey that put consumer confidence at a 30-year low. Last week was the first time since early July that the Dow and S&P index rose for two days in a row.
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