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U.S. stocks rose on Friday, recovering some of their losses for the week, as tech shares clawed back some of their big September declines.
The Dow Jones Industrial Average came from deep in a morning dungeon to soar 358.32 points, or 1.3%, to finish Friday and the week at 27,173.96.
The S&P 500 spiked 51.87 points, or 1.6%, to 3,298.46.
The NASDAQ leaped 241.3 points, or 2.3%, to 10,913.56. It was the best day for the major averages since Sept. 9.
Shares of Amazon rose 2.5% and Facebook gained 2.1%. Apple advanced 3.8% and Microsoft climbed 2.3%. Netflix closed 2.1% higher. The S&P 500 tech sector jumped 2.4% and for its best day since Sept. 9, when it popped 3.4%.
Cruise operators also contributed to Friday’s gains. Carnival, Norwegian Cruise Line and Royal Caribbean were up 9.7%, 13.7% and 7.7%, respectively, after an upgrade from a Barclays analyst.
Both the Dow and S&P 500 posted four-week losing streaks, their longest slides since August 2019, despite Friday’s rally. The Dow lost 1.8% this week and the S&P 500 closed 0.6% lower week to date. The Nasdaq Composite had its first weekly gain in four weeks, rising 1.1% over that time period.
The major averages have had a tough month, with the S&P 500 falling 5.8% in September. The Dow has dropped 4.4% over that time period and the NASDAQ is down 7.3% month to date.
House Democrats are reportedly preparing a $2.4-trillion relief package that they could vote on as soon as next week. The bill would include enhanced unemployment benefits and aid to airlines, but the overall price tag remains well above what Republican leaders have said they are willing to spend.
Prices for the 10-Year Treasury gained, driving yields down to 0.66% from Thursday’s 0.67%, Treasury prices and yields move in opposite directions.
Oil prices deleted 17 cents to $40.15 U.S. a barrel.
Gold prices dipped $11.30 to $1,865.30 U.S. an ounce.
