Stocks Climb, Stay On Pace for Weekly Increase

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A surge in shares of financials and energy companies pushed the S&P 500 higher Friday, putting the index on track to end a volatile stretch with a slim weekly gain.

The S&P 500 rose 0.5% in morning trading. The Dow Jones Industrial Average added around 160 points, or 0.5%. The tech-heavy Nasdaq Composite added about 0.2%.

Stocks have struggled for direction in recent sessions as investors have weighed signals that the U.S. economy is primed for a spell of rapid growth against concerns about rising bond yields.

Under the surface, there have been large moves in individual stocks and sectors. The recent lurch higher in bond yields has coincided with cooling interest in some of the momentum-fueled trades that had dominated for much of the past year.

Investors have backed away from tech darlings as well as special-purpose acquisition companies, known as SPACs. An exchange-traded fund tracking SPACs, Defiance Next Gen SPAC Derived ETF , is down about 8.7% this week. Shares of Facebook and Netflix have fallen 3.3% and 1.6%, respectively, over that time frame.

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