Dow climbs more than 700 points on Friday as Wall Street lands its best week since June

Stocks climbed on Friday as Wall Street ended a volatile week on a high note despite some disappointing earnings reports.

The Dow Jones Industrial Average gained 748.97 points, or 2.47%, to close at 31,082.56. The S&P 500 rose 2.37% to 3,752.75. The Nasdaq Composite added 2.31% to 10,859.72.

Friday’s moves extended the market’s gains for the week. The S&P 500 and the Dow gained 4.7% and 4.9% respectively, while the Nasdaq rose 5.2%. It was the best week since June for all three major averages.

The advance came despite the 10-year Treasury yield hitting its highest level since 2008 and a mixed bag of corporate earnings reports.

“I think at the end of last week the market was technically a bit oversold. And like we’ve seen so many times in the past, when things get negative enough, it becomes kind of an indicator against the grain of a rebound,” Randy said. Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research.

“But like all the other rebounds we’ve had, it hasn’t been very sustained. … A rebound today doesn’t necessarily mean it’s going to continue next week. If so, I suspect that it won’t be for more than a day or two,” Frederick added.

Bank stocks were a bright spot on Friday, with Goldman Sachs gaining 4.6% and JPMorgan Chase adding 5.3%.

Profits yield limited gains for the market. The Dow components American Express and Verizon fell about 1.6% and 4.5%, respectively, after their quarterly reports. In technology, social media company Snap fell 28% after reporting quarterly revenue of $1.13 billion, below expectations.

Treasury yields fell from their highs on Friday morning after a Wall Street Journal report that some Fed officials feared excessive tightening with big rate hikes. This report also appeared to boost stocks.

The central bank’s aggressive rate hikes have been a major factor in sending equities into a bear market this year, and traders have continued to raise their estimates of where the Fed will stop.

“We really need a break from the Fed. Not so much that they would outright disavow future rate hikes, but that they would just say every meeting is live, and if the data goes our way, after the first half of ’23 we don’t have ‘I don’t need to do more,’ Barry Bannister, Stifel’s chief equity strategist, said on TV’s ‘Squawk on the Street’ show. CNBC.

Read the coverage of the mercado de hoy en español here.

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