Highlights
A rebound in big technology stocks after several days of big losses in the sector helped equities rally sharply on Friday, with good gains nearly across the board. Nvidia and other chipmakers bounced back on bargain-hunting after days of declines amid renewed positive sentiment about AI amid heavy corporate spending in the sector.
The Dow Jones industrial average surged by 2.5 percent to close above 50,000 for the first time, the S&P 500 rose 2.0 percent and the Nasdaq was up 2.2 percent. US Treasury yields, gold, and oil prices rose but the dollar slipped versus most major currency pairs.
Several software and data services companies also recovered from a multi-day selloff as investors bought the dip and risk appetite returned, lifting crypto stocks too.
Definition
Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.
Description
Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.