WASHINGTON (dpa-AFX) - Following the sell-off seen during the previous session, stocks moved back to the upside during trading on Friday. The major averages all moved notably higher on the day, with the Dow showing a notable advance.
The major averages all ended the day in positive territory. The Dow jumped 517.80 points or 1 percent to 53,277.01, the Nasdaq climbed 113.29 points or 0.4 percent to 26,180.45 and the S&P 500 rose 33.21 points or 0.4 percent at 7,674.37.
Despite the rebound on the day, the major averages all closed notably lower for the week. The Nasdaq plunged by 2.1 percent, the S&P 500 tumbled by1.4 percent and the Dow slumped by 0.9 percent.
The strength on Wall Street may partly have reflected bargain hunting, with traders picking up stocks at relatively reduced levels following yesterday's weakness.
The major averages all moved sharply lower during trading on Thursday amid an extended surge in crude oil prices and a rebound in bond yields.
Buying interest appeared somewhat subdued, however, as crude oil prices have fluctuated over the course of the session but have largely held on to recent gains.
U.S. crude oil futures are little changed on the day but have surged by more than 6 percent for the week amid lingering concerns about the ongoing conflict in the Middle East.
The Trump administration's plan to shift toward crushing economic measures against Iran versus further major U.S. military operations has led to worries that crisis could drag on.
Traders may also have been reluctant to make more significant moves ahead of key events next week, including the release of Nvidia's (NVDA) quarterly results and the Jackson Hole economic symposium.
'Next week's results from Nvidia could put some of the focus back on corporate earnings but, as we head towards the autumn, a chill has started to descend for markets,' said Dan Coatsworth, head of markets at AJ Bell.
He added, 'Investors will be looking for a comfort blanket when Federal Reserve chair Kevin Warsh addresses the Jackson Hole meeting at the end of this month.'
Sector News
Brokerage stocks showed a substantial move to the upside on the day, driving the NYSE Arca Broker/Dealer Index up by 3.7 percent to a record closing high.
A sharp increase by the price of gold also contributed to significant strength among gold stocks, with the NYSE Arca Gold Bugs Index surging by 2.5 percent to its highest closing level in four months.
Airline, healthcare and pharmaceutical stocks also saw considerable strength, while utilities showed a notable move to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Friday. Japan's Nikkei 2525 Index fell by 0.3 percent, while China's Shanghai Composite closed marginally higher and Hong Kong's Hang Seng Index jumped by 1.2 percent.
Meanwhile, the major European markets all moved to the upside on the day. While the French CAC 40 Index rose by 0.4 percent, the German DAX Index and the U.K.'s FTSE 100 Index both climbed by 0.6 percent.
In the bond market, treasuries came under pressure over the course of the session, extending yesterday's slump. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, advanced 4.2 basis points to 4.738 percent.
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