U.S. stocks bounce back after sharp drop on economic concerns

on fears that economic activity would be curtailed by interest rate hikes to cool inflation.

After turning tail on Thursday, benchmark indexes rose in early morning trading. As of 9:47 EST on Friday, the Dow rose 94 points, or 0.3%, to stand at 30,021. The S&P 500 climbed 22 points, or 59%, and the technology-heavy Nasdaq Composite gained 117 points, or 1%. Wall Street's S&P 500 index lost 3.3% on Thursday and other major benchmarks also sank after Britain's central bank followed the . Central banks in Switzerland and Taiwan also raised rates.

Investors worry the moves to control inflation that is running at four-decade highs might tip the U.S. and other major economies into recession. "Pain is being inflicted almost everywhere and sharing doesn't make it better in any way," said Tan Boon Heng of Mizuho Bank in a report.

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