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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 654.22 points, or 1.1%, to 40,589.34, 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 59.88 points, or 1.1%, to 5,459.10.
The NASDAQ grabbed 176.16 points, or 1%, to 17,357.88.
That data comes at the end of a volatile week on Wall Street. The S&P 500 is down 0.8% this week, while the NASDAQ has lost 2.1%. The Dow is the outlier, up 0.8%. Those declines come as investors seemed to be part of a broader rotation into small caps and cyclicals.
Some technology names that have struggled amid this week’s selloff gained, with Microsoft and Amazon last up more than 1% each. Meta Platforms added nearly 3%. The S&P’s information technology sector surged about 1%.
Friday’s moves stem from a combination of oversold sentiment, a stronger-than-expected GDP report Thursday and the view that the Federal Reserve will begin cutting rates due to economic resilience
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.
Prices for the 10-year Treasury grew, lowering yields to 4.19% from Thursday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices faded $1.50 at $76.77 U.S. a barrel.
Gold prices regained $30.70 to $2,384.20
