A rally for tech stocks applied some salve on Wall Street’s rough week, one dominated by worries about a weakening economy.
The S&P 500 rose 1.9% 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 rose after saying it was slashing expenses by laying off workers. It’s the latest Big Tech company to acknowledge expanding too quickly in recent years. Netflix surged after reporting a jump 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%.