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Shares of Apple, Alphabet and Microsoft surged Friday, helping shake off disappointing earnings from the technology sector and leading to broader stock gains.
Apple (AAPL) shares rose $10.94, or 7.56%, to 155.74. Google parent Alphabet (GOOG) rose $3.98, or 4.30%, to $96.58 and Microsoft (MSFT) rose $9.12, or 4.02%, to $235.87.
The Dow Jones Industrial Average rose 828.06 points, or 2.59%, to close at 32,861.34. The S&P 500 rose 93.73 points, or 2.59%, to 3,901.03, and the Nasdaq Composite rose 309.78 points, or 2.87%, to 11,102.45.
It was the sixth-straight day that the Dow closed higher.
The Nasdaq was dragged down Thursday by disappointing earnings reports from Amazon (AMZN), Meta Platforms (META) and others. Shares of Meta plunged 24.56% Thursday but recovered slightly Friday. Meta’s share price rose $1.26, or 1.29% to $99.20.
Some of the other tech stocks that rose included Pinterest (PINS), which closed at $24.91, up $3.02, or 13.80%. Qualcomm’s (QCOM) price of shares rose $4.51, or 3.93%, to close at $119.21.
“Since the financial crisis, you’ve had this massive rally in tech stocks on the combination of cheap energy, very low interest rates and a massive acceleration in the adoption of digital services,” Peter Garnry, head of equity strategy at Saxo Bank, told the Wall Street Journal. “Now, on the backside of this pandemic, with interest rates and inflation suddenly out of the bottle, you’ve seen a drastic repricing of tech stocks. A lot of investors are beginning to question their portfolios.”
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