Nasdaq Surges as Tech Shares Rebound on Upbeat Earnings
The US stock markets closed firmly in positive territory on Friday, capping off a resilient week for equities as investors brushed aside inflation concerns and piled back into technology shares.
The Nasdaq Composite was the standout performer, surging 342.26 points or 1.30 percent to end at 26,690.62. This gain was driven by strong performances in megacap growth stocks and semiconductor names, as investors rotated back into the sector that has driven much of the year's rally.
Market strategists attributed Friday's rally to a combination of factors, including better-than-expected corporate earnings, easing fears about an economic slowdown, and expectations that the Federal Reserve may signal a pause in its rate-hiking cycle at its next meeting.