Stocks rose on Friday on hopes that a lifeline for struggling U.S. automakers could still materialize, while investors bet the large stockpiles in cash at technology companies will help them weather the economic downturn, Reuters reported.
On the Nasdaq, big-cap tech companies provided the biggest boost, including Apple (AAPL.O) and Intel (INTC.O).
"The expectation is that tech will be one of the first, not the last of the sectors to rebound," said Michael James, senior trader at regional investment bank Wedbush Morgan in Los Angeles.
The Dow Jones industrial average (.DJI) rose 64.59 points, or 0.75 percent, to end unofficially at 8,629.68, based on the latest data. The Standard & Poor's 500 Index (.SPX) added 6.15 points, or 0.70 percent, to finish unofficially at 879.74. The Nasdaq Composite Index (.IXIC) gained 32.84 points, or 2.18 percent, to close unofficially at 1,540.72.
For the week, the Dow is unofficially down 0.1 percent, but the S&P is up 0.4 percent and the Nasdaq is up 2.1 percent.
