Dow and S&P 500 Soar on Strength in Tech Stocks and Cryptocurrencies

The Dow Jones Industrial Average rose by 517.80 points (1%) to a close of 53,277.01 on Friday, while the S&P 500 Index added 33.21 ticks (0.4%) to 7,674.37 and the Nasdaq Composite Index improved by 113.29 points (0.4%) to 26,180.46.

The gains were driven in part by strength in key tech and non-tech stocks, including Tesla, which rose 5.1% on two positive catalysts: the unveiling of its all-electric semi truck in Europe and approval for robotaxis in Las Vegas.

Merck & Co also rose 2.4% after continued enthusiasm for a successful Phase 3 trial for an experimental personalized cancer vaccine it developed with Moderna, which added another 8.9% on Friday.