Daily market update 

The Dow Jones Industrial Average rallied more than 800 points on Friday, rebounding off the lows of the bear market last week and capping its first weekly advance since May.

The Dow rose 823.32 points, or 2.68%, to 31,500.68, with gains accelerating in the final hour of trading. The S&P 500 was 3.06% higher to 3,911.74. The Nasdaq Composite advanced 3.34% to 11,607.62.

The major averages wrapped up a big comeback week for stocks. The S&P 500 is up nearly 6.5% for the week, while the Nasdaq Composite gained 7.5%. The Dow is 5.4% higher.

Those moves followed the worst weekly decline for the S&P 500 since 2020. Last week, the broader market index closed down 5.8% for the week.

All three major averages snapped three-week losing streaks, as market participants deliberated whether markets have found a bottom. Still, many on Wall Street maintained a gloomy outlook.

“We believe that bounce in U.S. equity markets over the past three trading days has been a bear market rally off deeply oversold conditions,” Wolfe Research’s Chris Senyek wrote in a Friday note.