Advertisment
Stocks jumped Friday, and the S&P 500 and NASDAQ Composite headed for their best week since November as Big Tech names rallied on strong earnings and traders pored through fresh U.S. inflation data.
The Dow Jones Industrials surged 153.79 points to end the week at 38,239.50.
The S&P hiked 51.54 points, or 1%, to 5,099.96.
The NASDAQ hiked 316.14 points, or 2%, to 15,927.90.
The broad market index advanced 1.2%, while the tech-heavy NASDAQ climbed 2.2% and headed for its best day since February. The Dow Jones Industrial Average rose 200 points, or 0.5%.
The S&P and NASDAQ are on pace for their best week since November. The S&P is up 2.8% and slated to snap a three-week losing streak, while the NASDAQ has gained more than 4% and is headed for its first positive week in five. The Dow is up 0.7%.
Stocks got a boost from robust results from artificial intelligence competitors Alphabet and Microsoft after the bell Thursday. Alphabet jumped more than 10% on better-than-expected first-quarter earnings and headed for its best day since July 2015. The company also authorized its first-ever dividend and a $70-billion buyback. Microsoft added 2.5% as the software maker posted strong fiscal third-quarter results and showed an acceleration in cloud growth.
Both companies have impressed investors by not only investing in artificial intelligence, but also by showing results. The prints also helped alleviate some fears on the back of Meta Platforms’ disappointing guidance earlier this week.
Prices for the 10-year Treasury advanced, dropping yields to 4.66% from Thursday’s 4.70%. Treasury prices and yields move in opposite directions.
Oil prices inched up nine cents to $83.66 U.S. a barrel.
Gold prices heightened $8.30 to $2,350.80.
