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The Dow Jones Industrial Average gained 225.96 points, or nearly 0.7%, to 35,120.08. The S&P 500 added 0.8% to reach 4,441.67. The tech-heavy Nasdaq Composite rose about 1.2% to 14,714.66.
All three major stock indexes finished the week lower. The Dow dipped 1.1% this week, while the S&P 500 shed nearly 0.6% and the Nasdaq Composite moved 0.7% lower.
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Technology stocks traded in the green Friday, providing the market with support. Microsoft, Cisco and Salesforce were among the biggest winners in the Dow as investors snapped up tech stocks amid concerns about slowing economic recovery. Chip stocks rose, with Nvidia closing 5.1% higher.
This week, WTI crude oil tumbled more than 9%, taking energy stocks with it. Diamondback Energy and Valero Energy sunk nearly 9.9% and 9.1%, respectively, on the week.
Fed officials are set to gather for their annual meeting in Jackson Hole, Wyo., next week. Market participants will be awaiting insights into the Fed’s “taper talks” as many central bankers aim to move away from easy policy.
Reference: CNBC
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