US stocks rallied on Friday as technology shares rebounded from earlier losses, helping Wall Street finish a volatile week on a positive note.
The Dow Jones Industrial Average gained 423.31 points, or 0.83%, to 51,654.95. The S&P 500 rose 0.59% to 7,811.54, while the Nasdaq Composite advanced 0.64% to 27,366.17.
Technology stocks led the gains, with Palo Alto Networks and Palantir Technologies each climbing 5%, while CrowdStrike rose 4%. Microsoft added 2% and Amazon gained 3%.
SpaceX advanced 1% after announcing an agreement to acquire a nationwide wireless spectrum portfolio, while major US telecommunications companies declined amid concerns about increased competition.
Healthcare stocks also performed strongly, with Merck and Gilead Sciences gaining more than 2%.
Markets extended their gains after President Donald Trump said Russia had agreed to supply diesel to the US and global markets, easing some concerns about energy supplies.
Oil prices finished slightly higher, with West Texas Intermediate crude near US$92 a barrel and Brent above US$104, before easing following the announcement.
Despite Friday’s recovery, elevated Treasury yields remained a concern for investors, with the US 10-year yield around 5.23%, near its highest level in more than two decades.
Australian Market Outlook
Australian shares are set for a positive start to the week, with S&P/ASX 200 futures up 37 points, or 0.4%, following a 0.4% gain for the local market last week.
The stronger lead from Wall Street comes as investors anticipate the upcoming US corporate earnings season, although rising global borrowing costs remain a key risk.
Australian government bond yields have also climbed sharply, with the 10-year yield recently reaching a 15-year high of 5.43% before easing to around 5.35%.
With US and Japanese markets observing public holidays on Monday, attention will also turn to the IMF meetings and developments in global bond markets.
