Stocks on Wall Street rebounded Friday from morning losses. The Dow addded less than half a percent. The S&P 500 and Nasdaq snapped a four-day losing streak but both suffered their biggest weekly decline of the year. Stocks turned around after President Donald Trump and Treasury Secretary Steven Mnuchin described the U.S.-China trade talks as "constructive."
ICON Advisers president, Craig Callahan:
SOUNDBITE: ICON ADVISERS PRESIDENT, CRAIG CALLAHAN, (ENGLISH) SAYING:
"We're value investors at ICON. And today, we measure the broad market to be about 9 percent below our estimate of fair value. So this entire retreat, the market dropped about 3 percent from its recent high. We thought that was temporary. We're still long-term bullish. So the bounce today was very consistent with that position."
Shares of Uber made their much-hyped, long-awaited debut, opening below their initial offering price. The ride-hailing company lost more than 7 percent. It pulled down shares of rival Lyft as well.
Plunging shares of Symantec dragged down other tech stocks. At least six analysts cut their price targets one day after the software developer's CEO, Greg Clark, abruptly stepped down, and the company issued a profit warning.