Stocks rose on Friday in a modest, but broad rally that erased much of the losses from earlier in the week when investors had sold over fears of rising interest rates.
Health care and technology stocks rose the most, helping to nudge the Standard and Poor’s 500-stock index back to slight gains for the week and year. Nine of the index’s 10 sectors closed higher.
Stocks rose from the start of trading, following sizable gains in Europe. Among the winners, Intel climbed nearly 2 percent and Pfizer closed up 1.1 percent.
The S.&P. 500 rose 12.28 points, or 0.6 percent, to 2,052.32. The Dow Jones industrial average ended the day up 65.54 points, or 0.4 percent, to 17,500.94. The Nasdaq composite climbed 57.03 points, or 1.2 percent, to 4,769.56.
Applied Materials led the move higher in technology stocks. The maker of chipmaking equipment jumped $2.75, or 14 percent, to $22.66 after reporting earnings ahead of analysts’ forecasts.
Another big gainer for the day, Interoil, jumped $11.92, or 38 percent, to $43.57 after rival Oil Search announced a deal to buy the company for $2.2 billion. The deal still needs approval by shareholders.
Friday’s gains notwithstanding, the major indexes have barely moved this year.
Among other stocks making big moves, Campbell Soup dropped $4.08, or 6 percent, to $59.90 after reporting third-quarter sales that fell short of Wall Street expectations. The company partly blamed challenges in its V8 beverages business and problems with its fresh carrot supply.
The clothes chain Gap rose 73 cents, or 4 percent, to $18.01 after announcing late Thursday that it’s closing 75 Old Navy and Banana Republic stores outside North America. The announcement came as the clothes retailer reported a 47 percent drop in first-quarter profits and lower revenue.
In Europe, stock markets reversed losses from the previous day. Britain’s FTSE 100 was up 1.7 percent while Germany’s DAX rose 1.2 percent. France’s CAC 40 advanced 1.7 percent.
Benchmark U.S. oil fell 33 cents at $48.34 a barrel in New York. Brent, used to price international oils, lost 4 cents to $48.68 a barrel in London.
In other energy markets, wholesale gasoline inched up to $1.64 a gallon. Heating oil rose 1 cent to $1.49 a gallon. Natural gas rose 2 cents to $2.06 per 1,000 cubic feet.
Bond prices rose slightly. The yield on the 10-year Treasury note held steady at 1.85 percent. The euro rose to $1.1219 from $1.1202, while the dollar rose to 110.23 yen from 109.89 yen.
Metals prices were mixed. Gold fell $1.90 to $1,252.90 an ounce. Silver added 4 cents to $16.53 an ounce. Copper remained at $2.06 a pound.
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