NEW YORK, Oct. 9 (Xinhua) -- U.S. stocks ended higher on Friday, capping a volatile week marked by elevated bond yields and elevated energy prices.
The Dow Jones Industrial Average rose 0.83 percent to 51,654.95. The benchmark S&P 500 added 0.59 percent to 7,811.54, while the tech-heavy Nasdaq Composite Index gained 0.64 percent, finishing at 27,366.17.
Nine of the 11 primary S&P 500 sectors closed in positive territory, with real estate and consumer discretionary pacing the advancers by climbing 1.88 percent and 1.69 percent, respectively. Bucking the market's upward momentum, communication services and energy fell 0.4 percent and 0.18 percent, respectively.
Led by Microsoft, Amazon and Palantir Technologies, the tech sector gained 0.36 percent on Friday.
The telecommunications sector experienced severe turbulence following an announcement late Thursday by aerospace and satellite venture SpaceX, which agreed to purchase a nationwide low-band spectrum license portfolio. The company stated the acquisition resolves a critical technical obstacle toward establishing Starlink Mobile as a primary domestic mobile network operator.
In response, shares of legacy carriers plummeted, with AT&T, T-Mobile US, and Verizon Communications falling between 8.75 percent and 13.27 percent, marking Verizon's steepest single-day drop since 2002.
In corporate earnings, Delta Air Lines finished flat after reporting third-quarter financial results that fell short of Wall Street estimates, as higher jet fuel costs offset sustained demand for premium travel services.
On the economic front, consumer confidence weakened further amid lingering cost pressures. The University of Michigan's preliminary Index of Consumer Sentiment dropped to 46.3 in October, hitting a five-month low and trailing market forecasts of 48. Concurrently, consumers' one-year inflation expectations ticked up to 4.7 percent.
"Consumer sentiment was little changed this month, inching down a scant 1.8 index points from September," said Surveys of Consumers Director Joanne Hsu. "While year-ahead expectations for personal finances and business conditions crept up slightly, buying conditions for durables plummeted amid high prices and borrowing costs."
Friday's gains capped a turbulent five sessions dominated by persistent spikes in U.S. yields and crude benchmarks. Market attention now shifts to next week, when the third-quarter corporate earnings reporting cycle accelerates with major lenders Citigroup and Wells Fargo reporting, alongside healthcare conglomerates UnitedHealth Group and Johnson & Johnson.
