(MENAFN- Baystreet.ca) Investors Seek to Avoid Bear Market, Indexes Jump
Stocks jumped Friday, as investors looked to steer the S&P 500 away from official bear market territory.
The Dow Jones Industrials climbed 295.85 points to 32,026.15, as it looked to break a six-day losing streak
The S&P 500 restocked 66.53 points to 3,996.61.
The NASDAQ Composite spiked 316.09 points, or 2.8%, to 11,687.05.
Despite those gains, the major averages were on track to post weekly losses. The Dow is down nearly 3%, while the S&P 500 ducked about 3%, and NASDAQ has slipped about 4%.
Most S&P 500 sectors moved higher on Friday led by gains in consumer discretionary and information technology. It was a broad-based comeback with 85% of the S&P 500 in the green.
American Express, Boeing, and Salesforce rose about 4% each, leading the Dow higher.
Following strong gains on Thursday, heavily shorted meme stocks AMC Entertainment and GameStop popped 13.8% and 8.5%, respectively. Carvana ripped 20% higher.
Meanwhile, Twitter shares plunged 13% after Elon Musk announced a standstill in the takeover deal as he awaits more details on the platform's fake accounts
On the earnings front, Affirm shares soared 31% on the back of a better-than-expected earnings report.
Treasury prices gained sharply, with yields slumping to 2.91% from Thursday's 2.86%. Treasury prices and yields move in opposite directions.
Oil prices strengthened $2.58 at $108.71 U.S. a barrel.
Gold prices tumbled $19.00 to $1,805.60 U.S. an ounce.
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