NEW YORK (MarketWatch -- U.S. stocks on Friday withstood an up-and-down ride as an event known as quadruple witching brought increased volume and volatility to Wall Street as traders unwind positions for the quarter.
"We have seen elevated volume all week, suggesting that there might be some powder still dry for today. There are no economic releases, so today's focus will be on trading, not investing," wrote Marc Pado, U.S. market strategist at Cantor Fitzgerald, in an early note.
Telecommunication services fronted sector gains, while energy shares weighed, with the major stock indexes readying for gains of more than 2%.
The Dow Jones Industrial Average (INDU 9,817, +33.18, +0.34%) climbed 43.84 points, or 0.5%, to 9,827.76. The S&P 500 (SPX 1,066, +0.95, +0.09%) added 1.94 points, or 0.2%, to 1,067.43, while the Nasdaq Composite (COMP 2,129, +2.65, +0.13%) rose 1.32 points, or 0.1%, to 2,128.07.
Because of the expirations of options and futures contracts involving the three major stock indexes and single-stock futures, little should be drawn from Friday's trade, said Art Hogan, chief market strategist at Jefferies & Co.
Up or down, "expirations tend to exaggerate moves," with the direction rarely indicative of "a trend, just added volatility and volume," said Hogan.
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