Damian J. Troise and Alex Veiga
Stocks are broadly higher in afternoon trading on Wall Street Friday, keeping major indexes on track for weekly gains after several days of up-and-down trading.
The S&P 500 rose 1.8% as of 1:48 p.m. Eastern. The Dow Jones Industrial Average rose 603 points, or 2%, to 30,939 and the Nasdaq rose 1.6%.
Technology and health care companies has some of the strongest gains. Oracle rose 4.6% and Pfizer rose 4.7%.
Social media companies were broadly lower after Snapchat’s parent company issued a weak forecast and the Washington Post reported that Elon Musk plans to slash about three-quarters of the payroll at Twitter after he buys the company. Snap slumped 30% and Twitter shed 4.7%.
The yield on the 10-year Treasury note, which affects mortgage rates, slipped to 4.22% from 4.24% late Thursday. The yield on the two-year Treasury, which tends to track investors’ expectations for Federal Reserve action on interest rates, fell to 4.50% from 4.61%.
