Stocks rose on Friday, supported by technology stocks, following a losing session in which an underwhelming revenue report from OpenAI took
some steam out of the high-flying artificial intelligence trade.
The Dow Jones Industrials jumped 246 points to 51,477.64.
The S&P 500 index was positive 34.66 points to 7,800.02
The tech-heavy NASDAQ 131.65 points to 27,324.99.
Tech shares broadly were led by a 2% gain in SpaceX. The Elon Musk-led space and satellite company rose on a deal to buy a nationwide spectrum portfolio. Shares of AT&T, Verizon and T-Mobile slid as investors wondered worried the agreement could drive up competition.
Other tech names that advanced on Friday include Lumentum which gained 6%, and Oracle, up 5%.
AI stocks dropped on Thursday after media reports OpenAI told investors that it saw $50 billion in annualized revenue at the end of September. Last month, a $68-billion figure was widely reported, though a person familiar with the matter said it also included gross revenue from partners.
The NASDAQ dropped more than 1%, marking its biggest one-day loss since mid-August. Thursday marked the second down day in a row for the tech-heavy index after it climbed to fresh all-time records earlier in the week.
Prices for the 10-year Treasury sagged, lifting yields to 5.26% from Thursday’s 5.23%. Treasury prices and yields move in opposite directions.
Oil prices gained 54 cents to $92.03 U.S. a barrel.
Gold prices added $52.30 to $4,209.30 U.S. an ounce.
