Wall Street concluded a turbulent trading week on Friday with a late-afternoon buying binge that gave the main stock indexes their greatest gains of the year and stopped a three-week losing run.

The S&P 500 gained 2.4%, virtually all of it in the last hour of trade. The Dow Jones Industrial Average increased by 1.7%, while the Nasdaq increased by 3.1%.

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The indices had all been in the red earlier in the day, so the strong finish signalled a reversal. The Nasdaq recovered the most ground, returning from a 0.9% deficit. Friday was only the latest in a run of sharp up and down swings this week.

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Markets have been anxious as investors try to predict how forcefully the Federal Reserve would withdraw its long-standing support for markets and the economy. More volatility is expected ahead as investors closely monitor the impact of interest rate rises on the broader economy and financial markets.

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The S&P 500 advanced 105.34 points to 4,431.85. The index’s largest increase since June 2020 comes at the end of a week in which investors had been watching the S&P 500 for what market observers call a “correction.” That’s when an index loses more than 10% of its value from a record high. The index is presently 7.6% lower than its most recent high, set in January.

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The Dow increased 564.69 points to 34,725.47, while the Nasdaq gained 417.79 points to 13,770.57. The tech-heavy index benefited from a rally in technology equities, headed by Apple. After posting solid financial results, the iPhone maker increased by 7%. Microsoft increased by 2.8%.

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Mondelez dropped 1.6% after delivering its latest warning about inflation affecting operations in North America. Western Digital slumped 7.3% after providing equally negative data on inflationary pressures.

Bond yields fell slightly. The 10-year Treasury yield slipped to 1.78% from 1.81% late Thursday.