U.S. stocks are climbing Friday after two days of sharp losses as market favorites like Apple lead the way higher. Major indexes are up more than 1 percent, but they’re still on track for their biggest one-week loss since late March.
Technology companies recovered after taking some hard hits over the last two days. Apple climbed 2.9 percent to $220.71 and Microsoft gained 2.8 percent to $108.83. Consumer-focused companies also rallied, as Amazon jumped 4.1 percent to $1,789 and Netflix surged 5.5 percent to $338.74.
The S&P 500 index climbed 36 points, or 1.4 percent, to 2,765 at 11:20 a.m. Eastern time. The benchmark index tumbled 5.3 percent over the past two days and as of Thursday it had fallen for six consecutive days. The S&P is down 5.6 percent since from its latest record high, set Sept. 20.
The Dow Jones Industrial Average jumped 278 points, or 1.1 percent, to 25,330. The Nasdaq composite surged 149 points, or 2 percent, to 7,478. The Russell 2000 index gained 10 points, or 0.7 percent, to 1,555. That index, which is made up of smaller and more U.S.-focused companies, has fallen into a 10-percent “correction” since reaching a record high at the end of August.
On the New York Stock Exchange, winners outnumbered losers by nearly three to one.
The market’s recent losing streak started when strong economic data and positive comments from Federal Reserve Chair Jerome Powell helped set off a wave of selling in the bond market. Investors dumped bonds as they bet that the U.S. economy would keep growing at a healthy pace. The sales pushed bond prices lower and yields to seven-year highs.
That drove interest rates sharply higher, which worried investors who felt that a big increase in interest rates could eventually stifle economic growth. Higher yields also make bonds more appealing to