Late Rally Fails To Send U.S. Markets Higher

New York, NY (AHN) - Friday's session marked the end of a rough week on Wall Street as the S&P 500 suffered its worst ever one week decline. However, a late day rally sent the major indices well off their lows and helped the Nasdaq finish with a slight gain.

Volatility was the theme of Friday's session as the Dow Jones Industrials made 300 point swings on several occasions. The average traded down as much as 700 points before rallying late to finish with a 128 point loss or 1.5 percent. Friday marks the eighth consecutive day the Dow Industrials has fallen.

General Electric was the strongest Dow component, up 13.1 percent after the conglomerate posted third quarter earnings that met expectations. GE also said they are on pace to meet full year guidance.

The S&P 500 finished Friday 10 points lower, or 1.2 percent. Eight of 10 major economic sectors finished lower. The financials were the area of strength as the sector rebounded 7 percent on Friday.

Tech performed best as the Nasdaq Composite was able to break its seven day losing streak, finishing with a 4 point gain or 0.3 percent.

Crude oil prices continued to slide on Friday, down another $5.76 a barrel to $80.83. Falling oil prices weighed down energy stocks as the sector fell 8.1 percent on the session. In corporate news, Wachovia saw its credit get raised by Standard & Poor's after Wells Fargo announced that it will complete its acquisition of the bank.

For the week, the S&P 500 fell 18.2 percent, its worst weekly performance ever. The Dow Jones Industrials also fell 18.2 percent while the Nasdaq Composite performed best, with a 15.3 percent loss.