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The Dow Jumps Over 400 Points. Major Averages Record a Second Week of Advances on Friday

Treasury yields steadied on Friday, as stocks gained the ground they had lost during the previous session.

At 34,283.10, the Dow Jones Industrial Average closed up 391.16 points, or 1.15%. The S&P 500 ended the day at 4,415.24, up 1.56% from where it began. With a gain of 2.05% to 13,798.11, the Nasdaq Composite had its highest day since May.

The S&P 500’s eleven sectors all saw gains on Friday, but the technology sector did better, climbing 2.6%. During the session, Microsoft jumped to all-time highs and finished the day 2.5% higher. Alphabet rose 1.8%, while Apple, Meta, Tesla, and Netflix all increased by more than 2%.

The spike on Friday was also sufficient to push the three major averages higher for a second straight week of gains. The Dow gained by 0.7%, while the S&P 500 increased by 1.3%. With a weekly increase of almost 2.4%, the Nasdaq was the best performer.

The longest winning runs for the S&P 500 and the Nasdaq Composite in two years were ended by stocks on Thursday after higher bond yields sparked a sell-off.

After increasing by more than 10 basis points on Thursday, the benchmark 10-year Treasury yield was essentially steady on Friday. The rise upward in rates the day before was caused by a Treasury Department bond auction as well as remarks made by Federal Reserve Chair Jerome Powell regarding the prospect that additional intervention may be required to control inflation.

The economy is still stronger than anticipated. This has benefited stocks even though it’s unclear when the Fed will stop lowering interest rates, according to UBS.

Source (CNBC)

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