Traders
work
on
the
floor
of
the
New
York
Stock
exchange
during
morning
trading
on
November
10,
2023
in
New
York
City.
Michael
M.
Santiago
|
Getty
Images
Stocks
rallied
Friday,
recovering
the
ground
lost
in
the
previous
session,
as
Treasury
yields
stabilized.
The
Dow
Jones
Industrial
Average
advanced
391.16
points,
or
1.15%
to
close
at
34,283.10.
The
S&P
500
climbed
1.56%
to
finish
the
session
at
4,415.24.
The
Nasdaq
Composite
added
2.05%
to
13,798.11,
notching
its
best
day
since
May.
All
11
sectors
of
the
S&P
500
were
positive
Friday,
but
tech
outperformed,
rising
2.6%.
Microsoft
leapt
to
all-time
highs
during
the
session
and
ended
the
day
higher
by
2.5%.
Apple,
Meta,
Tesla
and
Netflix
jumped
more
than
2%
each,
while
Alphabet
gained
1.8%.
Friday’s
surge
was
also
enough
to
lift
the
three
major
averages
for
a
second
consecutive
week
of
gains.
The
S&P
500
advanced
1.3%,
while
the
Dow
added
about
0.7%.
The
Nasdaq
was
the
outperformer,
rising
roughly
2.4%
on
the
week.
Stocks
staged
a
rebound
as
the
benchmark
10-year
Treasury
yield
hovered
around
the
flatline.
It
was
a
marked
reversal
from
Thursday’s
action
in
which
the
rate
on
the
10-year
jumped
more
than
10
basis
points.
The
spike
in
yields
followed
a
dismal
Treasury
Department
bond
auction
and
comments
from
Federal
Reserve
Chair
Jerome
Powell
that
suggested
more
intervention
may
be
needed
to
quell
inflation.
Thursday’s
ensuing
sell-off
also
snapped
the
longest
winning
streaks
for
the
S&P
500
and
the
Nasdaq
Composite
in
two
years.
Recent
volatility
notwithstanding,
a
resilient
economy
has
helped
equities
even
as
investors
remain
uncertain
about
the
Fed’s
timeline
around
rate
policy,
according
to
UBS.
“A
continued
high
level
of
unfilled
job
openings
and
solid
private
sector
balance
sheets
support
our
view
for
a
‘softish’
economic
landing,”
UBS’
David
Lefkowitz
wrote
in
in
a
Friday
note.
“Still,
economic
growth
will
likely
slow
in
the
months
ahead
and
further
improvements
in
inflation
will
probably
be
more
incremental.”
Correction:
An
earlier
version
of
this
story
misstated
the
Federal
Reserve’s
stance
on
monetary
policy.
