In a subdued end to the calamitous week, U.S. stocks edged higher Friday afternoon, as investors tried to recover from Thursday's 3% slide. But the gains were limited as traders remained cautious amid worries about the global economy and Europe's debt crisis.
The Dow Jones industrial average (INDU) closed the day up 38 points , or 0.34%, and the S&P 500 (SPX) added 7 points, or 0.6%. The tech-heavy Nasdaq (COMP) gained 28 points, or 1.1%, with Yahoo (YHOO, Fortune 500) among the strongest performers.
Clouds continue to gather over Europe, as doubts over the solvency of Greece and European banks mount, and European officials fail to take substantive steps.
The most dramatic sell-off came Thursday, when stocks in the United States, Europe and Asia plunged on fears that the global economy is teetering toward another recession.
Investors were taking a step back from the selling on Friday, pushing stocks slightly higher.
"The bad news and the biggest concerns are now mostly priced in," said Art Hogan, managing director at Lazard Capital Markets.
G-20 finance ministers attempted to inject some confidence early Friday, with a commitment to "a strong and coordinated international response to address the renewed challenges facing the global economy," highlighting the European debt crisis.
The statement provided a brief sigh of relief, but Hogan said investors are hopeful that European officials will come out with an actual plan as they continue to meet in America's capital over the weekend.
"We've been looking for answers for months, and there's a possibility that we could get some positive news this weekend," said Hogan. "Investors don't want to go into the weekend leaning too far in one direction."
The dollar fell against the euro and the British pound. The greenback rose slightly versus the Japanese yen and
Oil for November delivery was little changed around $80.50 a barrel. Gold futures for December delivery lost $97 to $1,644.70 an ounce.
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