STORY: U.S. stocks finished higher Friday, led by gains in the technology sector, after a turbulent week for markets.
The Dow inched up marginally, while the S&P 500 and the Nasdaq climbed about one half of one percent each.
For the week, the S&P finished near break-even, clawing back from Monday's steep dive that was prompted in part by fears of a recession.
GDS Wealth Management Chief investment Officer Glen Smith says he expects more volatility which is typical for markets.
“Historically you get a drop of a 5% In the S&P last four decades, 100% of the time, that the S&P has dropped 5% or more at least once a year, and about every fourteen months the S&P drops about 10% or greater. I think the fact that the markets rebounding is just a testament to how strong the economy is right now and the fact that the sentiment is that the Fed will cut rates in September."
On Thursday, Fed policymakers expressed confidence that inflation was cooling enough to allow interest-rate cuts ahead, and will take their cues on the size and timing of those cuts from the economic data.
Stocks on the move Friday included Expedia which jumped 10% after the online travel agency beat analysts' expectations for second-quarter profit.
And Elf Beauty plunged 14% after it forecast annual sales and profit below estimates.
