The S&P 500 rose to a fresh record on Friday as the major averages rebounded from the previous session’s losses over concerns of a slowdown in global economic growth.
The Dow Jones Industrials leaped 415.59 points, or 1.2%, to 34,837.52, moving the average into positive territory for the week.
The S&P 500 spiked 40.34 points to 4,361.16, also putting the index in the green for the week.
The NASDAQ spiked 120.4 points to 14,680.18.
The gains brought all three majors averages into the green for the week. The S&P 500 is headed for its sixth positive week in seven.
The stocks that led the losses on Thursday, reopening plays and banks, led the gains on Friday. Bank of America jumped 2.5%, leading a bounce in financial shares. Royal Caribbean and Wynn Resorts each popped 2%. American Airlines and United Airlines gained about 2% and United rallied 3%.
Shares of GM gained 3.5% after Wedbush said the stock is a buy and could jump more than 50% as investors realize the extent of its tech and electric vehicle evolution.
Big Tech stocks were marginally weaker on Friday as President Biden was set to sign a new executive order aimed at the competitive practices by the sector’s giants. Amazon was down about 0.5% after hitting a new all-time high on Thursday.
Prices for 10-Year Treasurys sagged, raising yields to 1.35% from Thursday’s 1.29%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.48 to $74.42 U.S. a barrel.
Gold prices brightened $9.60 to $1,809.90 U.S. an ounce.