Shares jumped on Friday as investors wanted to divert the S&P 500 from the official territory of the bear market and bounce back from a week of sharp losses.
Dow Jones Industrials rose 394.31 points, or 1.2%, to 32,124.61 when looking to break a six-day losing streak
The S&P 500 replenished its stock by 94.48 points, or 2.4%, to 4,024.56.
The NASDAQ Composite rose 437.75 points, or 3.9%, to 11,808.71.
Despite this increase, the main averages were on the way to losses for the week. The Dow was down more than 2%, while the S&P 500 was down 3% and the NASDAQ was down about 4%.
All sectors of the S&P 500 rose on Friday, led by rising consumer rights and information technology. It was a broad return with about 93% of the S&P 500 in the green.
American Express, Boeing, Nike and Salesforce grew about 4%, bringing the Dow up.
Beaten technology stocks Meta Platforms, Alphabet and Amazon added 4%, while Tesla jumped 7% and Nvidia – 10%. Apple grew 3.5% after Thursday became the last Big Tech name to hit its own bear market.
After a strong rise in the previous session, shares of memes AMC Entertainment and GameStop rose 6.6% and 10.8% respectively. Carvana went up by 2%.
Meanwhile, Twitter shares fell 8.7% after Elon Musk announced the suspension of the takeover deal as he awaits more details about the platform’s fake accounts. In other news Robinhood rose 21% after crypto CEO Sam Bankman-Fried acquired a stake in the company.
In terms of earnings, Affirm shares rose 19% amid earnings reports that turned out better than expected.
Treasury bond prices fell, raising yields to 2.94% from 2.86% on Thursday. Treasury bond prices and yields are moving in opposite directions.
Oil prices rose by $ 4.26 to $ 110.39 a barrel.
Gold prices fell $ 15.50 to $ 1,809.10 an ounce.