The US markets ended higher on Friday on the back of bargain hunting, which came even though Federal Reserve Chair Jerome Powell reiterated the central bank does not need to be in a hurry to adjusted interest rates amid uncertainty about the effects of President Donald Trump's policy changes. Semiconductor stocks showed a substantial turnaround over the course of the session, with the Philadelphia Semiconductor Index surging by 3.2 percent after hitting a seven-month intraday low in late morning trading.
Interest rate-sensitive utilities and telecom stocks also turned in strong performances on the day, driving both the Dow Jones Utility Average and the NYSE Arca North American Telecom Index up by 2.0 percent. Oil producer stocks also saw considerable strength amid a notable increase by the price of crude oil, while significant weakness remained visible among airline and retail stocks.
Dow Jones Industrial Average surged 222.64 points or 0.52 percent to 42,801.72, Nasdaq gained 126.96 points or 0.70 percent to 18,196.22 and S&P 500 was up by 31.68 points or 0.55 percent to 5,770.20.
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