NEW YORK, New York - Bargain-hunters bore into beaten down U.S. stocks on Friday pushing the major indices higher.
"It's dip buying. When you look at the correction that we've seen in these tech giants, people are still going to want to hold U.S. equities. The reality is that 2021 is going to be a much higher stock market and you're probably going to see tech still lead the way," Edward Moya, senior market analyst at OANDA in New York told Reuters Thomson on Friday.
At the close of trading Friday, the Dow Jones Industrial Average was ahead 358.52 points, or 1.34%, at 27,173.96.
The Standard and Poor's 500 advanced 51.87 points, or 1.60%, to 3,298.46.
The Nasdaq Composite did best of all, gaining 241.30 points, or 2.26%, to 10,913.56.
On foreign exchange markets the U.S. dollar continued to hold center-stage. The greenback consolidated recent gains while edging higher.
Around the New York close Friday the euro had been pushed down to 1.1632. The British pound was friendless at 1.2746. The Japanese yen weakened to 105.60. The Swiss franc dipped to 0.9290.
The Canadian dollar edged down to 1.3388. The Australian dollar fell to 0.7030. The New Zealand dollar softened to 0.6545.
European markets fell Friday. The German Dax was off 1.09%. In Paris, France the CAC 40 lost 0.69%.
In London, the mood was more upbeat with the key FTSE 100 index climbing 0.34%.
On Asian markets, the Nikkei 225 in Tokyo closed out the week at 23,204.62 for a gain on the day of 116.80 points or 0.51%.
The Australian All Ordinaries added 84.00 points or 1.39% to 6,140.50.
China's Shanghai Composite was relatively flat, closing down 3.76 points or 0.12% at 3,219.42.
In Hong Kong, the Hang Seng fell 75.65 points or 0.32% to 23,235.42.