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Stocks jumped Friday as Wall Street looked to cap off a turbulent week on a positive note and investors weighed fresh U.S. inflation data.
The Dow Jones Industrials popped 786.67 points, or nearly 2%, to 40,721.74, led to the upside by 3M. The industrials giant popped nearly 20% and headed for its best day since at least 1972.
The S&P 500 index took on 76.29 points to 5,475.51.
The NASDAQ grabbed 219.23 points, or 1.3%, to 17,400.95.
Some technology names that have struggled amid this week’s sell-off gained, with Nvidia, Microsoft and Amazon last up 1% each. Meta Platforms added 2%.
Wall Street also assessed June’s personal consumption expenditures price index, an inflation reading that is preferred by central bank policymakers. On a monthly basis, headline PCE rose 0.1% and by 2.5% from a year ago. That was in line with estimates from economists polled by Dow Jones.
That data comes at the end of a volatile week on Wall Street. The S&P 500 is down 1% this week, while the Nasdaq has lost 2.3%. The Dow is the outlier, up 0.7%. Those declines come as investors seemed to be part of a broader rotation into small caps and more cyclical areas of the market.
Prices for the 10-year Treasury grew, lowering yields to 4.21% from Thursday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices faded $1.34 at $76.94 U.S. a barrel.
Gold prices regained $30.20 to $2,383.70
