Dow ends nearly 400 points higher as tech rally leads stocks to highest close since September

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Plug Power shares plunge over 40% after results disappoint

U.S. stocks ended sharply higher Friday, more than shaking off weakness seen the previous session in the aftermath of a poor Treasury bond auction and fresh signs that interest rates may stay higher for longer.

Market drivers Tech was in the driver’s seat. Shares of Microsoft Corp. MSFT, +2.49% jumped 2.5%, with the Dow component scoring its third record close in four sessions. Intel Corp. shares INTC, +2.80% rose 2.8% to lead Dow gainers. The S&P 500 and Nasdaq Composite ended their longest winning streaks since November 2021 on Thursday, after a poorly-received $24 billion sale of 30-year Treasury bonds.

Much of Powell’s language was nearly identical to remarks he made on Nov. 1, when investors rallied stocks and bonds after the Fed chair didn’t explicitly commit to a further interest rate hike. But the subsequent rally for stocks after the Nov. 1 Fed meeting, with the S&P 500 jumping more than 6% over eight days, and a 50 basis point drop in the 10-year Treasury yield were “overdone and not governed by facts,” said Tom Essaye, founder of Sevens Report Research, in a note.

 

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