Dow Rises 300 Points As Potential for Fed to Slow Rate Hikes

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 areport from the Wall Street Journalthat 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 revenuerepresents 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.