Stocks rose on Friday to cap a volatile week with each of S&P 500 (^GSPC), the Dow Jones Industrial Average (^DJI), and Nasdaq Composite (^IXIC) logging weekly gains.
The S&P 500 and Dow rose 0.8% on Friday while the Nasdaq rose 0.7%. The Nasdaq rose over 1.2% for the weekly, leading gains among the major averages.
The biggest movers Friday came from the tech and banking worlds, with shares of Amazon (AMZN) falling more than 3% after the company warned of a slowdown in its AWS cloud business on its earnings conference call Thursday night.
Elsewhere in the tech space, Snap (SNAP) shares fell more than 17% as the company again warned of a revenue slowdown as a sputtering ad market continues to weigh on the company’s growth.
Investors were also keeping close tabs on shares of First Republic (FRC) as the struggling lender appeared set to enter FDIC receivership this weekend with reports suggesting the US government has been unable to secure a buyer for the bank.
First Republic stock fell more than 40% on Friday.
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