US stocks rise after bleeding in the first half of 2022
• The Dow rose by nearly 300 points
US stocks closed higher on Friday, ahead of the July-4 weekend, a day after the S&P 500 recorded its worst half-year since 1970.
The Dow Jones Industrial Average rose 321.83 points, or 1%, to close at 31,097.26. The S&P 500 gained 39.95 points, or 1.1%, to finish at 3,825.33, snapping a four-day losing streak. The index recently slid into a bear market.
The Nasdaq Composite rose 99.11 points, or 0.9%, to end at 11,127.85, after four straight days of losses.
The yield on the benchmark 10-year Treasury note declined more than 7 basis points to 2.901%, the lowest since May 31.
Despite the gains, all of the major averages posted their fourth down week in five. The Dow fell 1.3% for the week. The S&P 500 lost 2.2%, and the Nasdaq finished lower by 4.1%
Market movers
Shares of General Motors Co. (NYSE: GM) rose more than 1.3% even after the company warned of a second-quarter earnings shortfall, as vehicle wholesale volumes were hurt by supply chain disruptions.
Shares of homebuilder stocks contributed to the market going higher, with PulteGroup (NYSE: PHM) rising by 6.5%. Shares of Etsy (NASDAQ: ETSY) rose 9% to lead the S&P 500 higher.
Shares of Micron Technology Inc. (NASDAQ: MU) fell 3% after the memory-chip company’s forecast-beating earnings came with a poor outlook.
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