U.S. stocks jumped on Friday led by technology shares and reopening trades, as Wall Street rebounded for a second day from steep losses earlier this week.
The Dow Jones Industrial Average climbed 360.68 points, or nearly 1.1%, to 34,382.13. The S&P 500 gained 1.5% to 4,173.85. The tech-heavy Nasdaq Composite, the relative underperformer for the week, snapped back by 2.3% to 13,429.98.
The major averages experienced a roller-coaster week that saw the blue-chip Dow drop nearly 1,200 points from Monday to Wednesday. The S&P 500 and the Nasdaq fell 4% and 5%, respectively, during that period. The indexes have since rebounded from the steep sell-off, but they still posted modest losses for the week as inflation fears hit sentiment. The Dow and the S&P 500 fell more than 1% each this week, while tech stocks got hit especially hard, pulling the Nasdaq down over 2.3% for the week.
Stocks advanced on Friday even after data showed consumer purchases slowed down last month. Advance retail sales were flat for April, the Commerce Department reported Friday. That compared to the Dow Jones estimate of a 0.8% gain and a 9.8% surge in March.
Still, earnings season has been stronger-than-expected, and some believe this bull market has more room to run and investors should take advantage of any dips.
Reference: CNBC
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