The U.S. stock market is roaring back as Wall Street recovers much of its losses from earlier in the week. The S&P 500 jumped 1.7% Friday and was heading for its best day since May. The Dow Jones Industrial Average soared 1,102 points and topped the 50,000 level for the first time, while the Nasd.
— The U.S. stock market is roaring back on Friday, as technology stocks recover much of their drops from earlier in the week and bitcoin halts its plunge, at least for now.
The S&P 500 jumped 1.7% Friday and was heading toward its best day since May. The Dow Jones Industrial Average soared 1,102 points, or 2.2%, and topped the 50,000 level for the first time. The Nasdaq composite was up 1.9%, as of 2:30 p.m. Eastern time.
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Chip companies helped drive the widespread rally, and Nvidia jumped 7.3% to trim its loss for the week, which came into the day at just over 10%. Broadcom climbed 7.2% and fully erased its drop for the week.
They were the two strongest forces lifting the S&P 500, and they benefited from hopes for continued spending by customers diving into artificial-intelligence technology. Amazon, for example, said late Thursday it expects to spend about $200 billion on investments this year to take advantage of “seminal opportunities like AI, chips, robotics, and low earth orbit satellites.”
Such heavy spending, similar to what Alphabet announced a day earlier, is creating concerns of its own, though. The question is whether all those dollars will prove to be worth it and create much bigger profits in the future. With doubt remaining about that, Amazon’s stock dropped 7%.
Even with Friday’s rebound, the S&P 500 is still potentially heading toward its third losing week in the last four.
