Stocks plunge in wild week of trading

U.S. stock market plunged Thursday, continuing a period of volatility that has seen sudden drops and spikes in recent weeks.

The Dow Jones Industrial Average opened down 350 points, or 1.2 percent, but scaled back its losses to close down 131 points, or 0.5 percent. Similarly, the S&P 500 fell 50 points, or 1.5 percent in opening trading, but closed down 28 points, or 0.8 percent.

The tech-heavy Nasdaq composite closed out the day with a loss of 140 points, or 1.3 percent, as tech stocks retreated.

The drop comes despite news that typically would boost markets. The Federal Reserve on Wednesday signaled that it would keep interest rates depressed through 2023.

Initial unemployment claims on Thursday showed a drop in claims, a move in the right direction in a time of continued tough economic conditions.

Meanwhile, Speaker Nancy Pelosi (D-Calif.) said she would keep Congress in session to work out a stimulus deal economists say will be key to keeping the economic recovery going in the right direction. Republicans and Democrats remain miles apart in their positions, however, even as President Trump urged Congress to pass a large bill, pushing Republicans closer to the Democratic position.

Updated at 4:03 p.m.