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Stocks surge as Wall Street posts best week since June

Stocks surged on Friday as Wall Street posted its best week since June. File Photo by John Angelillo/UPI | License Photo

Oct. 21 (UPI) — Stocks surged on Friday as Wall Street finished with its best week since June, after large sell offs the last few weeks.

The Dow Jones Industrial Average gained 748.97 points, or 2.47%, to close at 31,082.56. The S&P 500 rose 2.37% to 3,752.75. The Nasdaq Composite added 2.31% to 10,859.72.

For the week, the S&P 500 and Dow gained 4.7% and 4.9%, respectively, while the Nasdaq rose 5.2%.

“I think at the end of last week market’s got a little bit oversold technically. And as we’ve seen so many times in the past, when things get negative enough it becomes some sort of a contrarian indicator for a bounce,” said Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research, according to CNBC.

Bank stocks did well with Goldman Sachs gaining 4.6% and JPMorgan Chase adding 5.3%.

However, there were some disappointing earning reports which led to big companies posting losses on Friday. Social media company Snap fell 28% after it reported a quarterly revenue of $1.13 billion, below expectations. Shares of Meta and Twitter were also down 1.1% and 5% respectively.

Treasury yields declined slightly on news that the Federal Reserve may reduce the size of interest rate hikes in December. The 10-year Treasury closed at 4.219% while the 2-year Treasury finished at 4.483%.

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