Stocks Ended Sharply Higher as Tech Rebounded

U.S. stocks ended sharply higher on Friday, amid a surge in coronavirus cases overseas and concerns over prospects of fiscal stimulus in the US. The Dow Jones Industrial Average rose 358.52 points, or 1.34%, to 27,173.96. The S&P 500 advanced 51.87 points, or 1.60%, to 3,298.46. The Nasdaq Composite gained 241.29 points, or 2.26%, to 10,913.56. For the week, the Dow was down 1.8%, the S&P 500 lost 0.6%, while the Nasdaq gained 1.1%.

Oil futures edged lower on Friday, with both major benchmarks posting their third weekly decline in four weeks as worries about the demand outlook have grown in response to rising COVID-19 cases. West Texas Intermediate crude for November delivery fell 6 cents, or nearly 0.2%, to settle at $40.25 a barrel. Front-month November Brent fell 2 cents, or 0.05%, to $41.92 a barrel. December Brent lost 5 cents, or 0.1%, at $42.41 a barrel. Based on the front-month contracts, WTI declined 2.6% for the week, and Brent crude marked a weekly loss of nearly 2.9%.