06.03.2021 01:27
Tech heavy index manages big comeback to close with 1.55% gain, but down 2.1% for week.
Major indexes in the US stock market closed higher Friday, while the Nasdaq posted its largest intraday recovery in a year.
After opening at 12,863 points, the tech-heavy index fell 3.6% to 12,398 but managed a comeback in the last trading day of the week to close at 12,920 -- a 1.55% gain. But it was off 2.1% for the week.
Shares of pharmaceutical firm Novavax jumped 10.6% and Google's parent firm company, Alphabet, gained 3%, propelling the index.
The Dow Jones closed at 31,496 with a 1.85% daily gain, and a 1.8% weekly increase, while the S&P 500 finished up 1.95% to end at 3,841 -- a 0.8% gain for the week.
The VIX volatility index, also known as the fear index, sank 13.7% to 24.66 as investors' risk appetite has increased.
The 10-year US Treasury yield posted its fifth consecutive weekly gain, rising another 1% to 1.566% -- its highest level in more than a year.
While Bitcoin recovered 1% to climb above the $49,000 mark, other cryptocurrencies also made a comeback.
Crude prices jumped after OPEC and its allies, known as OPEC+, agreed Thursday to continue production cuts in April, except for Russia and Kazakhstan, with Saudi Arabia extending voluntary cuts.
The price of Brent crude was up 4.3% to $69.6 per barrel after the final bell, while West Texas Intermediate was at $66.3 -- a 3.8% increase.
ConocoPhillips and Chevron saw shares jump 4.9% and 4.2%, respectively and ExxonMobil gained more than 3.7%.
The US Senate started debate on Friday on President Joe Biden's $1.9 trillion relief plan, which cleared the House of Representatives last week. -