The S&P 500 rose to a fresh record on Friday as the major averages rebounded from the previous session’s losses over concerns of a slowdown in global economic growth.
The Dow Jones Industrial Average rose about 440 points, or 1.2%. The S&P 500 bounced by about 1%, hitting a new intraday record. The technology-heavy Nasdaq Composite rose 0.8%. The gains brought all three majors averages into the green for the week. The S&P 500 is headed for its 6th positive week in seven.
The stocks that led the losses on Thursday, reopening plays and banks, led the gains on Friday. Bank of America jumped 2.5%, leading a bounce in financial shares. Royal Caribbean and Wynn Resorts each popped 2%. American Airlines and United Airlines gained about 2% and United rallied 3%.
Shares of GM gained 3.5% after Wedbush said the stock is a buy and could jump more than 50% as investors realize the extent of its tech and electric vehicle evolution.