The U.S. stock market saw a positive day on Friday as the S&P 500 index rose following comments from a Federal Reserve official that were seen as dovish. Gaining traction in the middle of the day, the major U.S. equity index rose, snapping three straight weeks of losses. The Dow Jones Industrial Average rose by 153.43 points, or 0.58%, to 26,719.13. The S&P 500 gained 20.99 points, or 0.72%, to 2,945.83, while the Nasdaq Composite increased by 111.91 points, or 1.35%, to 8,392.79.
AI stocks were big winners on Friday after C3.ai posted solid earnings and guidance. Other tech stocks such as Apple, Facebook and Microsoft rose, with Apple leading the way up 1.2%. Financials, however, were among the biggest decliners, with the S&P 500 Financials index falling by 0.4%.
The comments from Federal Reserve official James Bullard, president of the St. Louis Fed, that the central bank should be patient in raising interest rates and that it should pause rate hikes until inflation becomes an issue, were seen as dovish and helped to boost the market. This comes a day after the U.S. Treasury's 10-year yield surged above 4%, which caused stocks to fall.