Stocks Opened Lower as GameStop-Fueled Volatility Continued

U.S stocks opened lower on Friday, with GameStop surging more than doubles, as volatility fueled by a battle between U.S. retail investors and hedge funds set to continue. The Dow Jones Industrial Average lately fell 359.15 points, or 1.17%, to 30,244.21. The S&P 500 declined 37.11 points, or 0.98%, to 3,750.27. The Nasdaq Composite dropped 106.09 points, or 0.80%, to 13,231.07.

Oil futures edged higher Friday, finding support as traders appeared confident efforts to rein in supply would offset pressure on demand from the continued spread of COVID-19 and slower-than-expected vaccine rollouts. West Texas Intermediate crude for March delivery rose 28 cents, or 0.5%, to $52.62 a barrel. March Brent crude rose 54 cents, or 1%, to $56.07 a barrel.

U.S. personal income increased by 0.6% in December after a downwardly revised drop of 1.3% in November, the Bureau of Economic Analysis said Friday. Personal spending, the biggest component of U.S. economic activity, ticked down just 0.2% in December, or half the expected decline for the month.