The S&P 500 Index ($SPX) (SPY) Friday closed up +0.55%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.52%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.74%. March E-mini S&P futures (ESH25) are up +0.51%, and March E-mini Nasdaq futures (NQH25) are up +0.63%.
Stock indexes Friday recovered from early losses and settled moderately higher. Positive comments from Fed Chair Powell sparked short covering in stocks when he said, "The US economy continues to be in a good place." Mr. Powell's comments helped the S&P 500 recover from a 5-1/2 month low, the Dow Jones Industrials rebound from a 7-week low, and the Nasdaq 100 recover from a 5-month low. Also, easing geopolitical risks boosted stocks Friday after Bloomberg reported that Russian President Putin is willing to discuss a temporary truce in Ukraine. Strength in chip stocks also supported the broader market Friday as Broadcom rallied more than +8% after it reported better-than-expected Q1 earnings results and gave an outlook that was seen as strong.
