Nasdaq records best day since May as US stocks rally

By Ovunc Kutlu

ISTANBUL (AA) - US stocks rallied Friday and rebounded from the previous day's streak-ending losses, while the Nasdaq posted its best daily performance since May.

The Nasdaq soared 276 points, or 2.05%, to end the session at 13,798 after the tech-heavy index on Thursday put an end to nine consecutive days of gains.

The S&P 500 jumped 67 points, or 1.56%, to finish the day at 4,415, the day after snapped its eight-day streak on the previous session.

Both indexes on Thursday ended their longest daily winning streak since November 2021 after the Federal Reserve Chair Jerome Powell left the door open for more interest rate hikes to bring down inflation, saying "If it becomes appropriate to tighten policy further, we will not hesitate to do so" at an event in Washington, DC.

The Dow Jones Industrial Average, meanwhile, rose 391 points, or 1.15%, to close Friday at 34,283.

The VIX volatility index, also known as the fear index, dove 7.2% to 14.19. The 10-year US Treasury yield lost 0.24% to 4.621%.

The dollar index lost 0.1% to 105.81, while the euro added 0.2% to $1.0686 against the greenback.

Precious metals were in negative territory, with gold losing 1.15% to $1,936 an ounce and silver trimming 1.84% to $22.22.

Oil prices were up around 2%, with global benchmark Brent crude at $81.56 per barrel and US benchmark West Texas Intermediate crude at $77.28.