U.S. Stocks Rally as Investors Look to End Week on an Upbeat Note By

© Reuters.

By Liz Moyer

-- U.S. stocks rallied on Friday as investors try to break a three-week losing streak and end on a positive note.

At 10:13 AM ET, the Dow Jones Industrial Average was up 576 points or 1.9%, while the S&P 500 was up 2.1% and the NASDAQ Composite was up 2.6%.

Investors have been concerned about a recession ahead as several Wall Street economists raise the odds of one happening sometime in the next 12 months. With the housing market showing signs of cooling, new home sales data for May was unexpectedly strong, rising an annualized 696,000.

But Michigan consumer sentiment , the final reading for the month, was a tepid 50, slightly lower than the 50.2 expected and the lowest since the late 1970s.

Carnival Corporation (NYSE:CCL) rose 9% after the cruise operator said second-quarter revenue increased nearly 50% from the first quarter.  

Shares of auto dealer CarMax Inc (NYSE:KMX) rose 6% after it beat earnings expectations despite a challenging environment.

FedEx Corporation (NYSE:FDX) shares jumped nearly 9% after earnings beat estimates on higher rates and fuel surcharges, which overcame declining shipping volume. The logistics giant released an optimistic forecast for fiscal 2023. 

Oil rebounded. Crude Oil WTI Futures was up 2.6%, to $107 a barrel, while Brent Oil Futures crude was up 2.2% to $112 a barrel. Gold Futures fell 0.1% to $1,827.

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