The U.S. stock market closed higher on Friday, with the Dow Jones Industrial Average rising 265 points, or 0.8%. The S&P 500 and Nasdaq Composite also closed higher.
The gains were attributed to a number of factors, including strong earnings reports from several companies, positive economic data, and hopes for a resolution to the war in Ukraine.
The strong earnings reports from several companies helped to boost investor confidence.Companies such as Johnson & Johnson, IBM, and Travelers all reported earnings that beat analysts' expectations.
The positive economic data also helped to boost investor sentiment.The U.S. economy added 428,000 jobs in April, beating expectations.
The unemployment rate remained at 3.6%, near a 50-year low.The hopes for a resolution to the war in Ukraine also helped to boost investor sentiment.
There were reports that Russia and Ukraine were making progress in peace talks.The gains in the stock market on Friday were a welcome relief after a volatile week.
The stock market had been under pressure in recent weeks as investors worried about the war in Ukraine, rising inflation, and the Federal Reserve's plans to raise interest rates.
The gains on Friday suggest that investors are starting to believe that the worst of the market volatility may be over.