Business

Losses were big, but gains were huge

NEW YORK — Wall Street's tumultuous week turned out to be its best in five years.

The Dow Jones industrial average lost 127 points Friday but turned in the strong week because of two huge days of gains — a record 936-point jump on Monday and an increase of 401 points Thursday.

Friday was still marked by the huge swings that have become typical lately. At various points the Dow was up nearly 300 points and down nearly 250, and it finished with a triple-digit move for the 22nd time in 25 trading sessions.

The expiration of options contracts helped tug the market in different directions throughout the session. Still, the Dow Jones industrial average traded within a narrower range than it had in much of the past two weeks.

"The stock market has finally realized one thing — that the governments around the world have thrown in a lot of money and they're using all the tools that they possibly can" to restore order to the credit markets, said Peter Cardillo, chief market economist at Avalon Partners Inc., a New York brokerage house. "I'm sure we'll still have a strong bear grip to the market but I do believe the market was way oversold. I do believe we've made a bottom."

He said economic data are likely to remain bleak but that market has already taken into account much of the economy's problems.

"Everything is ugly. It's going to stay this way for a while," he said.

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