Wall Street ended a tumultuous week Friday, rebounding sharply from a morning sell-off in a volatile session. Tech stocks were the standout in a broad rally led by Apple.
The Dow added over 500 points, gaining nearly 1.7%. The S&P 500 shot up nearly two-and-a-half percent. And the Nasdaq catapulted over 3%.
The major indexes gained on the week, and the S&P snapped its three-week losing streak. Investors looked past data out Friday showing consumer spending falling in December as inflation climbed at its fastest pace in four decades.
But Gerber Kawasaki CEO Ross Gerber isn’t worried about inflation or the Omicron variant.
“So we see both of those trends now reversing as Omicron is now fading in the United States, and we're gonna see costs start to come down and people get back to jobs and work and back to the offices again. So we're very bullish on the spring.”
Springing higher: Apple, up 7%, one day after the company posted record sales of iPhones in the holiday quarter.
Visa charged up nearly 11%. It was the top gainer on the Dow and S&P. Higher spending on international travel and commerce helped push earnings past Wall Street’s targets.