The S&P 500 is up but heading for a third week in a row

Stocks rose on Friday as traders tried to regain some of the ground they lost in the previous session.

The Dow Jones Industrial Average rose 167 points, or 0.5%. The S&P 500 rose 0.5%, while the Nasdaq Composite added 0.2%.

Major indices fluctuated earlier in the session after the core PCE price index, the Fed’s preferred measure of inflation, It came in a little hotter than economists expected On a yearly basis, which indicates persistent inflation despite the Fed’s efforts to fight it.

“Today’s economic numbers released highlight the difficulty investors face today, as weak numbers bring recession fears and strong numbers bring Fed fears,” said Louis Navellier, founder and chief investment officer of growth investment firm Navellier & Associates.

“You can’t win now with macro numbers,” he added. “That’s why it’s now a lot more about the stock-picking market, but with all the index traders and ETFs out there, even stocks that execute their business plan well can be advantageously pushed out by the losers attached to them.”

Friday’s moves came on the heels of another bearish session for markets as the December sell-off resumed and hopes of a Santa Claus rally faded. On Thursday, the Dow fell 348.99 points, or 1.05%, but closed off a low of 803 points. The S&P 500 and Nasdaq Composite dove 1.45% and 2.18%, respectively.

The S&P 500 is now down about 0.6% this week, on track for its third straight weekly decline. Meanwhile, the Nasdaq Composite Index has lost more than 2% this week. The Dow was the best performer this week, and is currently on track for a slight gain.

Recession fears have resurfaced recently, dashing some investors’ hope for a year-end rally and leading to big losses in December. Investors are worried that excessive tightening from central banks around the world could force the economy into a contraction.

For the month of December, the S&P 500 lost about 6%, while the Dow and Nasdaq lost more than 4% and 8%, respectively. These would be the largest monthly declines for the major averages since September. The stock is also on track for its worst annual performance since 2008.