The Dow Jones Industrials screamed higher 404.24 points, or 1.3%, to 32,405.80.
The S&P 500 popped 52.86 points, or 1.4%, to 3,772.75
The NASDAQ recovered 141.09 points, or 1.4%, to 10,484.03.
Corporate earnings season continued, with mobile payment company Block surging 13% after beating expectations. Carvana shared dropped as it posted a wider-than-expected loss, while Twilio and Atlassian both plummeted on disappointing guidance.
A better-than-expected October non-farm payrolls report on Friday further fueled some concerns that the Fed will persist with its tightening campaign. The report showed 261,000 payrolls added in October, surpassing a Dow Jones estimate of 205,000 additions. However, the unemployment rate came in at 3.7%, slightly above the expected 3.5%.
Despite Friday’s gains, all the major averages are on track to close out the week with losses, with the Dow down 1.5% set to end four weeks of gains.
The S&P lost 3.5%, and the NASDAQ is down 5.8%, on pace to break two-week winning streaks. The tech-heavy NASDAQ is also on course for its worst weekly performance since January 2022.
Treasury prices gained a bit, lowering yields to 4.13% from Thursday’s 4.15%. Treasury prices and yields move in opposite directions.
Oil prices jumped $4.12 to $92.29 U.S. a barrel.
Gold prices hiked $42.50 to $1,673.40 U.S. an ounce.