Stocks rose on Friday as investors assessed more corporate earnings reports and the outlook for Federal Reserve rate hikes.
The Dow Jones Industrial Average gained 343 points, or 1.1%. The S&P 500 rose 1%. The Nasdaq Composite was up by 0.5%.
Treasury yields fell from their highs on Friday morning after a report from the Wall Street Journal that some Fed officials are concerned about overtightening with large rate hikes. That report appeared to limit losses for stocks at the open.
Earnings reports weighed on the market. Dow components American Express and Verizon fell more than 4% after their quarterly reports.
In tech, social media company Snap reported a quarterly revenue of $1.13 billion, below expectations. That revenue represents year-over-year growth of just 6%. Average revenue per user, a key metric for the company, fell 11% to $3.11.
“The mindset is quite gloomy w/stocks for sale pretty much everywhere. The culprit behind the negativity is earnings w/a slew of disappointments around the world,” wrote Adam Crisafulli of Vital Knowledge.
Stocks are on a two-day losing streak, with rising bond yields appearing to pressure equities. The 10-year Treasury yield is trading at levels not seen since 2008. On Friday, it traded around 4.29%.
The major averages are still on track for a winning week, with each up more than 2%.
