Dow soars 572 points as strong jobs report emboldens dip-buying in tech stocks

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US stocks rebounded Friday as dip-buyers emboldened by the strong February jobs report helped lift mega-cap technology stocks out of correction territory.

Businesses added 379,000 payrolls in February, the Bureau of Labor Statistics announced Friday. Economists surveyed by Bloomberg expected a gain of 200,000 payrolls. Further, the US unemployment rate unexpectedly fell to 6.2% from 6.3%.

The 10-year Treasury yield surged to 1.62% on Friday morning after the jobs report. Its rise this week reflects that the US is preparing to exit a “horrible time in our economy,” says Jamie Cox, managing partner for Harris Financial Group, told Insider.

Here’s where US indexes stood at the 4 p.m. ET market close on Friday:

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The recent decline in tech stocks has created a “massive buying opportunity” as another 30% jump in the sector is possible over the next 12 to 18 months, according to analysts at Wedbush Securities.

Palantir stock sank as much as 18% on Friday continuing its downward spiral since hitting record highs of $US39 ($51) per share on January 27. Palantir’s recent lockup expiration that released some 80% of the company’s shares to trade on the open market led to significant insider sales which have hurt the stock in recent weeks.

Bitcoin tested but failed to retake the $US50,000 ($65,191) level, climbing as much as 3.2% to $US49,462.47 ($64,490) on Friday.

Oil prices rose after the OPEC group of oil producers and its allies unexpectedly agreed to continue limiting supply Thursday. West Texas Intermediate crude jumped as much as 4%, to $US66.40 ($87) per barrel. Brent crude, oil’s international benchmark, rose by 4.3%, to $US69.59 ($91) per barrel, at intraday highs.

Gold fell as much as 1%, to $US1,683 ($2,194) per ounce.