U.S. stocks rallied into the close Friday to wrap up a roller-coaster week, buoyed by rebounding technology stocks.
The Dow Jones Industrial Average rose 564.69 points, or 1.7%, to 34,725.47. The blue-chip average posted its best day since Dec. 6 after being down more than 350 points at its lows. The S&P 500 added 2.4% to close at 4,431.85 — its best session since June 2020. The Nasdaq Composite rallied 3.1% to 13,770.57.
Shares of Apple jumped nearly 7% after a stellar quarterly results, boosting the stock averages. The company reported its largest single quarter in terms of revenue ever even amid supply challenges and the lingering effects of the pandemic.
Big Tech names Microsoft, Amazon, Facebook-parent Meta and Google-parent Alphabet all closed Friday higher after being beaten up earlier in the week, providing support to the indexes.
On the downside, Chevron shares fell around 3% after missing Wall Street earnings expectations. Dow component Caterpillar dipped about 5% even after it topped profit estimates.
The major indexes experienced outsized swings each day this week — including the Dow making up a more than 1,000-point intraday deficit for the first time ever to close higher on Monday. The S&P 500 posted an intraday range of at least 2.25% every day this week, according to Bespoke Investment Group.
"The huge intraday movements are indicative of the challenge that the market now faces, which is that financial conditions are going to be tightening," said Yung-Yu Ma, chief investment strategist at BMO Wealth Management. "As new information comes in, as markets overreact in one direction or another, this type of volatility and some of these swings are probably going to be with us for some time, given the nature of what the market's trying to price in."
