Wall Street drifts as week of erratic swings comes to close

The S&P 500 was down 0.3%, as of 10:09 a.m. Eastern time, after flipping between small gains and losses in the first few minutes of trading. It followed up on a mixed performance for stocks in Europe and Asia.

Markets have been swinging this week as worsening coronavirus infection counts across the U.S. Sun Belt and other global hotspots raise concerns that the economy's recent budding improvements may be set to stall. The S&P 500 has flip-flopped between gains and losses since Monday, and it's on pace for a modest weekly gain of 0.6%. It's a microcosm of the up-and-down churn stocks have been stuck in for a little more than a month.

Stocks that would most benefit from a reopening and strengthening economy were taking the lead Friday morning, though.Banks were also strong, with financial stocks in the S&P 500 up 0.9%. A stronger economy would mean their borrowers are better able to repay their loans. Because these tech giants are so big -- just five of them make up 23% of the S&P 500's market value -- their movements have outsized sway on market indexes. That helped weigh on the S&P 500, even though most stocks in the index rose.

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