Tech stocks lead a rally; S&P 500 turns positive for year
U.S. stocks closed higher on Friday, delivering their second gain in two days and pushing the Standard & Poor's 500 index back into positive territory for the year.
Strong quarterly earnings from several big-name technology companies helped rally the market, which has been gradually regaining ground following a swoon in August and September.
The stock indexes notched healthy gains early on Friday, as investors bid up shares in Microsoft, Amazon and Alphabet a day after the three tech giants reported surprisingly strong quarterly results.
The market action in the U.S. followed a rally in European and Asian stock markets as traders welcomed new action by China's central bank and the possibility of more stimulus for Europe.
China's central bank on Friday announced cuts in its benchmark interest rates on loans and deposits.
Next week, the spotlight turns to the world's other big central banks, the Federal Reserve and the Bank of Japan, which are holding policy meetings at which officials will undoubtedly factor the ECB's intentions into their own outlooks.
Wholesale gasoline fell 0.3 cents to close at $1.304 a gallon, heating oil fell 1.1 cents to close at $1.454 a gallon and natural gas fell 10 cents to close at $2.286 per 1,000 cubic feet.