Afternoon rally pushes stocks higher, Nasdaq up for the week

|By:, SA News Editor

Stocks closed in positive territory after an afternoon push, ending two days of sharp declines, but the Dow and S&P 500 still ended lower for the week.

There was no specific news catalyst behind the late surge, but the move could have been related to options expiration activity or short-covering.

Whatever the reason, the Russell 2000 index of small-caps fought back from an early slide back into correction territory early but found late buying support to finish 0.6% higher.

Among key S&P sectors, techs and financials turned around in the final hour to post gains, and telecom services jumped 1.4% thanks primarily to a good day for Verizon (+2.3%).

Treasurys fell late as equities rose; the benchmark 10-year note, which had been down four ticks for most of the day, was down nine ticks and yielding 2.52% when the closing bell rang.