Stocks End the Week in Strong Fashion

Stocks closed solidly higher Friday to help make up for three days of steep drops earlier in the week. The Dow rose 360 points, or 1%, to 34,382; the S&P 500 rose 61 points, or 1.4%, to 4,173; and the Nasdaq rose 304 points, or 2.3%, to 13,429. The gains were broad, though technology sector stocks powered much of the rally, per the AP. Gains in retailers, banks, communication companies, and industrial stocks also helped lift the market. Energy stocks also rose as the price of US crude oil climbed 2.2%. Treasury yields mostly fell.

Disney fell 2.4% after reporting lower revenue and missing forecasts for growth in subscriber additions to its video streaming service. Disney had been adding subscribers at a breakneck pace the past year, helped by popular shows like The Mandalorian and the pandemic, which kept many Americans at home with little to do except watch TV. DoorDash vaulted 22.9% after after the company said its revenues tripled from a year ago, helped by homebound Americans ordering in.

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