Wall Street ends volatile week on high

The S&P 500 rose 15 points, or 0.7 percent, to 2,055.

US stock index futures were higher on Friday morning as traders looked towards the release of existing home sales and comments from Fed Governor Daniel Tarullo.

In recent trading, the major averages have pulled back off their highs for the young session, but they remain firmly positive.

Higher rates choke inflation but also hamper economic expansion and reduce liquidity in stock markets.

The S&P 500 has fallen 4.4 percent since it hit a record high on May 21 previous year.

The Dow Jones Industrial Average added 65.54 points or 0.38 percent to 17,500.94, Nasdaq gained 57.03 points or 1.21 percent to 4,769.56, while S&P 500 was up by 12.28 points or 0.60 percent to 2,052.32.

Economic data will garner most of the attention next week, with investors placing a heavy weight on a host of reports as they try and determine the likelihood of a June rate hike.

The S&P 500’s dip put the index at its lowest close since late March and left it about flat for 2016.

The Dow is up 75.91 points, or 0.4 percent.

Interoil jumped 30 percent after agreeing to be acquired by Oil Search.

Semiconductor stocks have shown a significant move to the upside in early trading, driving the Philadelphia Semiconductor Index up by 2.8%.

Here’s what Gordon Charlop, head of floor operations at the New York Stock Exchange for Rosenblatt Securities told Reuters on the day the market peaked last May: “There is not an underlying sense of ‘Hey we’re ready to bust out.’ It’s not as if people are jumping up and down”.

Yahoo fell 5.05 percent to $35.15 after the Wall Street Journal reported that Verizon and others were planning a $2 billion-$3 billion bid for the company’s core business.

Deere & Co’s shares fell 4.9 percent to $78.25 after the farm equipment maker cut its full-year profit outlook. The Nasdaq composite outperformed with gains of 1.2 percent, helped by gains in shares of Apple, Comcast and Applied Materials. Heating oil rose 1 cent to $1.49 a gallon. The yield on the 10-year Treasury note held steady at 1.85 percent.

Germany’s DAX is up 0.8 percent at 9,871 while the CAC-40 in France has risen 1 percent to 4,325. Dow e-minis were up 44 points, or 0.25 percent, with 26,978 contracts changing hands.