Stocks rose on Friday, primarily boosted by strength in the tech sector, as Wall Street rebounded from a week marked by volatility due to rising Treasury yields and fluctuating oil prices. The Dow Jones Industrial Average increased by 423.31 points, or 0.83%, closing at 51,654.95. The S&P 500 followed suit, gaining 0.59% to finish at 7,811.54, while the Nasdaq Composite added 0.64%, ending at 27,366.17.
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The market reached its peak after President Donald Trump announced that Russian President Vladimir Putin agreed to supply diesel to the U.S. and international markets. Oil prices, which had partially rebounded, saw West Texas Intermediate crude at nearly $92 per barrel and Brent crude above $104 later in the session.
Shares of SpaceX rose by 1% following a deal for a nationwide spectrum portfolio, while major telecom stocks, including AT&T, Verizon, and T-Mobile, fell amid concerns over increased competition.
Several software companies excelled, with Palo Alto Networks rising 5%, and CrowdStrike and Palantir Technologies each gaining around 4%-5%. Microsoft and Amazon also showed gains, up 2% and 3%, respectively. The healthcare sector posted strong results as well, with Merck and Gilead Sciences each gaining over 2%, driven by optimism around National Institutes of Health initiatives for cancer vaccines.
Despite the recent gains, tech stocks related to artificial intelligence experienced a downturn earlier in the week after OpenAI revealed its annualized revenue projections were lower than previously reported. Adam Crisafulli of Vital Knowledge noted that the sell-off reflected imbalances in investor positioning, suggesting that a quick recovery for AI-linked tech stocks would be unlikely.
Despite uncertainties linked to 24-year high Treasury yields, all major stock indices were set to achieve positive weekly results, with the Dow increasing by 0.9%, the S&P 500 up about 1.2%, and the Nasdaq with a 0.6% advance.
Looking ahead, earnings reports from major banks and companies such as Johnson & Johnson and UnitedHealth will be released next week, with many analysts cautious about potential impacts from geopolitical tensions in the Middle East on market performance.
In individual stock movements, Verizon shares fell over 9%, potentially marking its worst day since 2002. The downturn was tied to competitive pressures following SpaceX’s announcement. Stocks focused on cancer vaccine developments, including Moderna, surged after news of NIH efforts to accelerate personalized cancer vaccine research.