Dow Jones rebounds 400 points Friday, stocks log back-to-back weekly gains

U.S. stocks rebounded strongly Friday, perking back up a day after the S&P 500’s longest win streak in two years was snapped. The Dow Jones Industrial Average
DJIA,
+1.15%
closed about 391 points higher Friday, or 1.2%, ending near 34,283, according to preliminary FactSet data. The S&P 500 index
SPX,
+1.56%
gained 1.6%, while the Nasdaq Composite Index
COMP,
+2.05%
advanced 2.1%. Stocks rallied as the 10-year Treasury yield
TMUBMUSD10Y,
4.630%
pulled back to 4.627% as of 3 p.m. Eastern, but still booked a weekly advance. The rally in stocks came a day after Federal Reserve Chairman Jerome Powell threw cold water on the equity rally, saying that higher rates might still be needed to tame inflation. For the week, the S&P 500 gained 1.3%, while the Dow rose 0.7% and the Nasdaq advanced 2.4%. It marked back-to-back weakly wins for all three equity indexes.