U.S. stocks rose for a second day on Friday as major averages attempted to claw back more of their losses from earlier in the week.
The Dow Jones Industrial Average climbed 165 points, while the S&P 500 rose 0.5%. The Nasdaq Composite gained 0.6% as Big Tech stocks continued to rebound.
Bitcoin, which shook markets earlier in the week with a 30% collapse, was stable for a second day around the $40,000 range. Major technology shares were set to continue their rebound. Tesla was higher by 2% in premarket trading.
Shares of Nvidia jumped 3% after the chip giant announced a 4-for-1 stock split. The shares increased even though the split adds no actual value to the stock.
Gains were broad across sectors on Friday. Cruise lines gained after Carnival said some brands would resume cruises in July. Carnival added 1%.
Ford, which said Thursday it has 20,000 reservations for its new electric F-150 pickup, gained 1%. Home Depot shares rose 0.7% after the retailer announced a new $20 billion share buyback program.
In another sign of market confidence, new IPO Oatly, which jumped 18% on Thursday in its Nasdaq debut, was up 6% in premarket trading on Friday.
The move in futures followed a comeback day on Wall Street with the Dow gaining 186 points and the S&P 500 and Nasdaq composite ending the day 1.06% and 1.77% higher, respectively. Microsoft, Facebook and Alphabet all rose more than 1% while Netflix and Apple rallied more than 2% each.
Shares of Tesla and other speculative parts of the market bounced back as bitcoin prices recovered after a rollercoaster session Wednesday. A new pandemic-low in jobless claims also helped sentiment on Thursday.
Thursday’s “jobless claims improvement furthers our view the disappointing April jobs report was likely a blip rather than a sign of deceleration, and we anticipate meaningful labor market improvement in coming months,” saidScott Ruesterholz, a portfolio manager at Insight Investment.
Despite Thursday’s rebound, the Dow is down 0.9% in the past week, on track to see its fourth negative week out of the past five weeks. The S&P 500 is 0.4% lower on the week, on pace for its second negative week in a row. The Nasdaq Composite is up 0.8%, positioned to break a 4-week losing streak.