The S&P 500 rose 1.1% as of 10:15 a.m. Eastern. The Dow Jones Industrial Average rose 362 points, or 1.2%, to 30,678 and the Nasdaq rose 0.7%.
Technology and health care companies has some of the strongest gains. Apple rose 1.2% and Pfizer rose 4.3%. Social media companies were broadly lower after Snapchat’s parent company issued a weak forecast and the Washington Post reported that Elon Musk plans to slash about three-quarters of the payroll at Twitter after he buys the company. Snap slumped 29.2% and Twitter shed 4.3%.
The yield on the 10-year Treasury note, which affects mortgage rates, remained relatively stable at 4.24% from late Thursday. The yield on the two-year Treasury, which tends to track investors’ expectations for Federal Reserve action on interest rates, fell to 4.53% from 4.61%. Markets have been unsettled in recent days. Stocks lurched from sharp gains early in the week to losses later in the week. The benchmark S&P 500 and other major indexes are all still on track for weekly gains in what has been an encouraging October so far.
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