U.S. equities rose on Friday as Wall Street gets set to wrap up a volatile week of trading, with a surge in Treasury yields rippling through financial markets.
The Dow Jones Industrials recovered 487.61 points to 51,828.59
The S&P 500 index moved higher 39.38 points to 7,743.51.
The NASDAQ Composite climbed 129.34 points to 27,068.72.
Shares of Akamai Technologies led technology higher, jumping 5% after announcing a multiyear deal with Anthropic.
With the day’s gains, the Dow is heading for a winning week, up 0.1%. The S&P 500 is on track for a 1% advance, while the NASDAQ is higher by 2% week to date.
That’s being bolstered by technology stocks such as Meta Platforms, which has popped more than 12% on the week amid excitement surrounding its artificial intelligence agent Muse.
S&P 500 information technology has risen roughly 3%, which is the most of any of the index’s sectors.
Also helping sentiment, oil prices slid amid optimism that the Strait of Hormuz could be reopened, as Iran’s Foreign Minister Abbas Araghchi has proposed to do so as well as restart nuclear talks with the U.S. within seven days if Washington accepts its conditions.
Reuters reported Thursday that the U.S. and Iranian negotiators in New York are considering a phased agreement to end the Middle East conflict.
Meanwhile, traders were monitoring Chinese President Xi Jinping’s visit to the U.S. this week. U.S. Trade Representative Jamieson Greer told the media Friday that “a lot more details” on negotiations between the U.S. and China are going to be released Monday.
Prices for the 10-year Treasury regained lost ground, dropping yields to 5.16% from Thursday’s 5.19%. Treasury prices and yields move in opposite directions.
Oil prices lost $2.18 to $92.43 U.S. a barrel.
Gold prices surged $30.00 to $4,328.00 U.S. an ounce.
