Stock Market Today: Dow in 2nd weekly win as tech stocks fuel major rebound
Investing.com — The Dow rallied to notch second-straight weekly win Friday as big tech led a rebound in stocks following a wobble a day earlier when Fed chair Jerome Powell's reminder that rate hikes aren't over rattled markets.
At 16:00 ET (21:00 GMT), the Dow Jones Industrial Average rose 391 points or 1.2%, while the S&P 500 rose 1.5% and the NASDAQ Composite rose 2.1%.
Atlanta Fed president Raphael Bostic said Friday he believes the the Fed will get to its 2% target «without us having to do anything more,» as the full impact of the rate hikes delivered need more time to filter through the economy.
The remarks were in contrast to Powell's remarks on Thursday, when the Fed chief said the Fed «was not confident» they had reach a sufficiently restrictive level of rates to bring down inflation.
«Despite the clear messaging, however, investors have only modestly increased expectations for a rate hike in January from a low of less than 1% to a 19% probability as of late,» Stifel said in a note.
The rebound in the broader market was underpinned by rally in big tech, with Microsoft Corporation (NASDAQ:MSFT) leading the move higher in big tech.
The quarterly earnings season is coming to an end, but Plug Power (NASDAQ:PLUG) traded sharply lower, down 39%, after the hydrogen fuel-cell firm's third-quarter revenue missed estimates.
Additionally, Apple (NASDAQ:AAPL) is set to pay up to $25 million to settle claims from the Justice Department that the tech giant favored hiring immigrant workers over American citizens and legal green card holders for some jobs. Shares rose 1%.
Plug Power Inc (NASDAQ:PLUG) reported third-quarter results that fell short of analysts estimates on both the top and bottom line owing to hydrogen
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