NEW YORK: The S&P 500 and the Dow rose on Friday, extending a recovery from the previous session, as strong US factory and services activity surveys lifted the mood at the end of a volatile week of trading.
Helping the Dow outperform was Boeing, which added about 3% as industry sources said the planemaker has drawn up preliminary plans for a fresh sprint in 737 MAX output to as many as 42 jets a month in fall 2022.
IHS Markit's data showed US business activity picked up in May amid strong domestic demand, but backlogs of uncompleted work are piling up as manufacturers struggle to find raw materials and labour.
Despite weakness on Friday, the Nasdaq is on course to snap a four-week losing streak as investors this week returned to tech-related mega-cap shares, which recently took the biggest hit on inflation worries.
Every major S&P sector was higher, with economy-linked financials and energy providing the biggest boost.
At 11:42 a.m. ET, the Dow Jones Industrial Average was up 252.30 points, or 0.74%, at 34,336.45 and the S&P 500 was up 12.80 points, or 0.31%, at 4,171.92. The Nasdaq Composite was down 20.33 points, or 0.15%, at 13,515.41.