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Stocks rallied on Friday as a rebound in bond yields eased fears of a recession that sent stocks tumbling earlier in the week.
The Dow Jones Industrials screamed higher 306.62 points, or 1.2%, to finish Friday at 25,886.01. The 30-stock index lost 1.5% on the week, however
The S&P 500 gained 41.08 points, or 1.4%, to 2,888.68
The NASDAQ vaulted 129.38 points, or 1.7%, to 7,895.99. Apple and Nvidia led the gains.
Bond yields, which rattled the markets this week, climbed back from their historic lows on Friday. The U.S. 30-year Treasury yield dropped to a record low on Thursday, while the yield on the benchmark 10-year notes dipped to a three-year low, as investors sought out safe-haven
assets.
Bank stocks rallied along with the rise in bond yields on Friday as Bank of America added 3%, and Citigroup gained 3.5%.
Chip maker Nvidia’s stock jumped 7% on Friday after it reported better-than-expected fiscal-second quarter earnings. Apple shares gained as investors bought back stocks beaten down by trade war fears.
General Electric, which had its worst day in 11 years Thursday on a Madoff whistleblower’s fraud claims, rebounded on Friday after CEO Larry Culp called the accusation "market manipulation" and bought nearly $2 million worth of the company’s stock. Shares of GE surged 9.7%.
Prices for the benchmark 10-year U.S. Treasury dropped, lifting yields to 1.56% from Thursday’s 1.5%. Treasury prices and yields move in opposite directions
Oil prices moved upward 42 cents to $54.89 U.S. a barrel.
Gold prices slumped $7.60 to $1,523.60 U.S. an ounce.
