US Stocks Close Higher Friday as FAANG Stocks Lift Markets Higher After Volatile Week

US stocks closed higher Friday as growth sectors shined following significant losses earlier in the week.

The Dow Jones Industrial Average rose by 1.5% to 32,199.97, the S&P 500 rose 2.4% to 4,023.86 and the Nasdaq Composite was 3.8% higher at 11,805.00. Friday's gains, however, were not enough to pull the indexes from a weekly slump, as all three declined, with the Nasdaq nearly 3% lower. The S&P 500 saw a weekly loss of 2.4% while the Dow slipped 2.1%.

Technology, communication services and consumer discretionary stocks, home to high-growth names grouped under the FAANG acronym, reported sizable gains. All sectors were in the green.

Meta Platforms (FB), Amazon.com (AMZN), Apple (AAPL), Netflix (NFLX), Alphabet (GOOG, GOOGL), and Microsoft (MSFT) jumped between 2% and 8%. Shares of these companies tend to drive index moves because of their large market capitalization.

In other company news, Twitter's (TWTR) proposed acquisition by billionaire Elon Musk is "temporarily on hold" over a query about the number of fake accounts on the platform. But, the Tesla (TSLA) chief executive said he is "still committed" to the $44 billion deal. Shares of Twitter sank by almost 10%, the worst performer on the S&P 500.

Meanwhile, the highlight of Friday's data schedule was a decline in the preliminary University of Michigan sentiment index for May to 59.1 from 65.2 in April. According to the survey results, consumers' assessment of current conditions and the near-term outlook both deteriorated. Concerns about inflation were the key factor, with consumers' assessment of their financial situation significantly lower than a year earlier.

The US 10-year yield jumped by 11.8 basis points to 2.94%.

West Texas Intermediate crude oil futures rose by $4.31 to $110.44 a barrel.

Gold fell $16.00 to $1,808.60 per troy ounce while silver was up $0.27 to $21.05 per ounce. Among energy ETFs, the United States Oil Fund rose 2.6% to $81.28 while the United States Natural Gas Fund was down 0.8% to $26.27.