By Angela Moon
A board at the New York Stock Exchange displays the Dow Jones Industrial Average after the closing bell, February 5, 2010. REUTERS/Brendan McDermid
NEW YORK - Stocks erased a midday drop to end slightly higher on Friday, closing out a volatile week punctuated by mixed signals from the labor market data and growing anxiety over fiscal problems in Europe.
Major indexes turned positive heading into the close, as investors scooped up shares in the technology and materials sectors -- two of the worst perforomers during the market's latest pullback.
"It's bargain hunting in an oversold market," said Cleveland Rueckert, market analyst at Birinyi Associates in Stamford, Conneticut. "At least in the short term, selling was overdone."
Earlier, the major indexes dropped more than 1 percent on the initial interpretation that January's payrolls data was another sign of a sluggish job market recovery, and concerns about the euro zone's sovereign debt problems persisted.
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