Wall Street was firing on all cylinders by the close of trading on Friday, with the Nasdaq Composite surging to its first daily gain of the holiday-shortened week as all three major US equities indices advanced more than 1 per cent and notched weekly gains.
Utilities and energy sectors led the benchmark S&P 500, which rose 1.61 per cent on to 2,747.30. The Dow Jones Industrial Average ended 1.4 per cent higher at 25,309.99, thanks in part to a 4 per cent jump for Intel. The Nasdaq Composite shook off a four-day losing streak to finish up 1.77 per cent to 7,337.39.
The strong finish helped Wall Street achieve back-to-back weekly gains. For the week — not including Monday, when markets were closed for Presidents Day — the S&P 500 rose 0.56 per cent, the Dow increased 0.37 per cent and the Nasdaq Composite gained 1.35 per cent.
The advances come as investors regained their footing following interest-rate fears fanned by the release, midweek, of minutes from the Federal Reserve’s January meeting.
Bond yields also retreated further from the multiyear highs, with the yield on the 10-year US Treasury note landing 4.6 basis points lower at 2.87 per cent, and the more policy-sensitive two-year note yield dipping to 2.242 per cent.
The dollar index, measuring the buck against a basket of weighted peers, ended the day with a slight 0.13 per cent gain to 89.856.
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