Wall Street stocks recovered ground on Friday following the worst day for US equities in almost a year, with investors weighing the outlook for interest rates and corporate earnings, particularly for highly-valued technology stocks.
The tech-focused Nasdaq Composite closed 1.6 per cent higher, having dipped into negative territory shortly after the opening bell. The blue-chip S&P 500 ended up 0.5 per cent, having swung between gains and losses during the New York morning.
Facebook-owner Meta rallied in afternoon trade but was unable to sustain the momentum, closing 0.3 per cent lower. That followed its 26.4 per cent plunge on Thursday — a $230bn drop in value that was the biggest market capitalisation loss on record for a US company — in response to an underwhelming earnings report.