The Dow Jones Industrial Average rose 1.9% to 25,605.54. The S&P 500 gained 1.3% to 3,041.31 while the Nasdaq Composite Index climbed 1% to 9,588.81. Earlier in the week the Nasdaq closed above 10,000 for the first time.
On Thursday stocks plunged after a rise in new COVID-19 cases in some states that have reopened from lockdowns. Also, a slower-than-expected decline in jobless claims reinforced the gloomy economic outlook earlier this week from Federal Reserve Chair Jerome Powell. The Dow swooned 6.9% while the S&P 500 tumbled 5.9%.
Major market indexes posted losses for the week. The Dow fell 5.6% while the S&P 500 slipped 4.8%. The Nasdaq slumped 2.3%.
Among the shares of companies advancing Friday, Vaxcyte (PCVX), a developer of vaccines, rallied 63% in its first day of trading after pricing its initial public offering at $16 per share. Shares of Biotech company Avidity Biosciences (RNA) surged in their first day of trading, jumping 58% after being priced at $18 per share in the company's IPO. The AZEK Co. (AZEK) also jumped in its first day of trading after pricing its IPO Thursday at $23 per share. AZEK rose 17%.
On the downside, Neovasc (NVCN) fell 14% after disclosing plans for a stock offering. PVH (PVH) slumped 5.9%. Deutsche Bank cut its price target on the stock. RF Industries (RFIL) tumbled 12% after swinging to a Q2 non-GAAP net loss.
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