A rally for tech stocks added some salve to Wall Street’s rough week, a week dominated by concerns about a weakening economy.
The S&P 500 rose 1.9% on Friday, but still ended with its first weekly loss in the last three. The Nasdaq added 2.7% and the Dow rose 1%.
Google’s owner stood up after saying it was cutting costs by laying off employees. It is the latest Big Tech company to acknowledge that it has grown too fast in recent years. Netflix skyrocketed after reporting a surge in subscribers.
The S&P 500 rose 73.76 points, or 1.9%, to 3,972.61.
The Dow Jones Industrial Average rose 330.93 points, or 1%, to 33,375.49.
The Nasdaq rose 288.16 points, or 2.7%, to 11,140.43.
The Russell 2000 index of smaller companies rose 30.99 points, or 1.7%, to 1,867.34.
For the week:
The S&P 500 fell 26.46 points, or 0.7%.
The Dow fell 927.12 points, or 2.7%.
The Nasdaq rose 61.28 points, or 0.6%.
The Russell 2000 fell 19.70 points, or 1%.
For the year:
The S&P 500 is up 133.11 points, or 3.5%.
The Dow is up 228.24 points, or 0.7%.
The Nasdaq is up 673.95 points, or 6.4%.
The Russell 2000 is up 106.09 points, or 6%.