NEW YORK: Wall Street stocks were back on positive ground Friday after tumbling in the prior session as big technology shares advanced and Nike surged on solid earnings.
Tech giants including Apple, Microsoft and Google-parent Alphabet scored modest gains after slumping on Thursday in a sell-off that hit Nasdaq especially hard.
"A buy-the-dip mentality has been an incessant mindset for years now, so it is fair to say that there will be an assumption that it will come into play again," said Briefing.com analyst Patrick O'Hare.
Dow member Nike gained 8.0 percent after announcing better-than-expected fourth-quarter earnings and unveiling a pilot project in which it will sell some goods directly on Amazon.
About 15 minutes into trading, the Dow Jones Industrial Average stood at 21,395.60, up 0.5 percent.
The broad-based S&P 500 gained 0.4 percent to 2,430.02, while the tech-rich Nasdaq Composite Index won 0.4 percent at 6,168.09.
Analysts have said moving to Amazon will give Nike better leverage over goods on the site compared with the current situation in which Nike goods are sold by third parties. Amazon rose 0.5 percent.
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