By Liz Moyer
Investing.com -- U.S. stocks jumped on Friday as surging technology stocks lifted the broader market.
At 10:07 AM ET, the Dow Jones Industrial Average was up 381 points or 1.2%, while the S&P 500 was up 1.8% and the NASDAQ Composite was up 3%.
Stocks are trying to shake off a negative streak, with the tech-heavy Nasdaq attempting to clinch its third positive day in four and the Dow trying to snap a six-day down streak.
Twitter Inc (NYSE:TWTR) shares tumbled 11% in early trading after Tesla (NASDAQ:TSLA) CEO and billionaire Elon Musk said his $44 billion deal to take the social media company private was on hold.
The stock rally comes a day after Federal Reserve Chair Jerome Powell acknowledged in a radio interview that the journey to a soft landing for the economy might not be without some pain.
Powell told NPR's Marketplace in an interview Thursday that his goal of calming inflation while maintaining high employment without tipping the economy into recession "may actually depend on factors that we don’t control." He also said with the benefit of hindsight, the Fed might have been better off raising rates sooner. The Fed has raised rates twice this year and is expected to continue to raise them.
The Senate confirmed Powell in an 80-19 vote to continue as Fed chair for a second term.
Robinhood Markets Inc (NASDAQ:HOOD) shares rose 19% after the disclosure that cryptocurrency executive Sam Bankman-Fried, CEO of exchange FTX, had acquired a 7.6% stake in the company.
Meme stock shares bounced. GameStop Corp (NYSE:GME) traded 15% higher, and AMC Entertainment Holdings Inc (NYSE:AMC) shares rose 8%. And donut chain Krispy Kreme Inc (NASDAQ:DNUT) rose 10%.
Oil also rose. Crude Oil WTI Futures was up 2.2%, to $108.44 a barrel, while Brent Oil Futures crude rose 2%, to $109.65. Gold Futures was down 1.2%, to $1801 an ounce.