Dow jumps 834 points, best session since 2020 in relief rally

Oil rose 1.5% for the week to $91.59 despite the volatility

U.S. stocks staged a powerful rally to end the week as investors bargain-hunted beaten-down stocks impacted by uncertainty over Russia's invasion of Ukraine. 

The Dow Jones Industrial Average rose over 834 points or 2.5% putting the benchmark on pace of the best day since late 2020. However, for the week it closed fractionally lower. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 31037.68 +69.86 +0.23%

The S&P 500 rose 2.2% in a broad rally led by materials and financials. 

RUSSIA INVADES UKRAINE: LIVE UPDATES

Ticker Security Last Change Change %
SP500 S&P 500 3845.08 +13.69 +0.36%
XLB MATERIALS SELECT SECTOR SPDR ETF 73.08 +0.44 +0.61%
XLF FINANCIAL SELECT SECTOR SPDR ETF 31.69 -0.08 -0.25%

While the Nasdaq Composite added 1.6% helped by large-cap tech leaders Apple, Amazon and Microsoft. 

Ticker Security Last Change Change %
I:COMP NASDAQ COMPOSITE INDEX 11361.851785 +39.61 +0.35%
AAPL APPLE INC. 142.92 +1.36 +0.96%
MSFT MICROSOFT CORP. 266.21 +3.36 +1.28%
AMZN AMAZON.COM INC. 114.33 +0.83 +0.73%

The 10-year Treasury yield sat at 1.97% on Friday.

MAJOR MUTUAL FUND COMPANIES DOUBLE DOWN ON EXPLAINING MARKET VOLATILITY DURING UNREST

Oil prices bounced between gains and losses as Russia's invasion of Ukraine raised concerns about global supply. U.S. West Texas Intermediate (WTI) closed at $91.59 per barrel, while global benchmark Brent Crude closed at $97.93 a barrel.

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 73.62 -1.18 -1.58%
BNO UNITED STS BRENT OIL FD LP UNIT 30.07 -0.75 -2.43%

Gold ended at $1,886.50 after hitting a fresh 52-week high 24 hours prior. 

Ticker Security Last Change Change %
GLD SPDR GOLD SHARES TRUST - EUR ACC 162.11 -2.62 -1.59%

In earnings Footlocker shares sank after delivering a weaker 2022 forecast as the benefit from spending powered by government stimulus checks ended. Nike, which provides the retailer with 75% of its product, rose.  

Ticker Security Last Change Change %
FL FOOT LOCKER INC. 24.54 -1.34 -5.18%
NKE NIKE INC. 104.24 -0.11 -0.11%

Zynga shares rose after its board approved its pending combination with Take-Two Interactive in a deal valued at $12.7 billion. 

Ticker Security Last Change Change %
ZNGA n.a. n.a. n.a. n.a.
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC. 125.62 -1.42 -1.12%

CLICK HERE FOR FOX BUSINESS' REAL-TIME CRYPTOCURRENCY PRICING DATA 

Bitcoin was traded around $39,000 as the equity markets closed. 

In economic news, personal spending jumped 2.1% month over month, reversing a slide of 0.6% in December. Core personal consumption expenditures, which remove volatile food and energy prices, rose 0.6% month over month in January. 

Personal income was unchanged while the year-over-year change in core PCE, which is the Federal Reserve’s preferred measure of inflation, shot up 5.2%, the highest reading in more than 38 years.

US ECONOMIC GROWTH REVISED UP TO 7% FOR END OF 2021, BEFORE OMICRON IMPACT

In Durable Goods, new orders for manufactured big-ticket items rose a seasonally adjusted 1.6% month over month in January, reversing a larger than expected decline of 0.7% the prior month. If you factor out the transportation component, orders are rose 0.7% after a 0.6% pop in December.

Consumer confidence improved with the University of Michigan’s final index of consumer sentiment for February rising to 62.8. 

In housing, more evidence of a slowdown as the National Association of Realtors' index of pending home sales for January cratered 5.7%. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

FOX Business' Ken Martin and The Associated Press contributed to this report.