The Dow Jones Industrial Average was up more than 400 points at session highs on Friday before closing out the week with a 332 point gain(+1.4%):
The Nasdaq Composite, powered by a huge gain in Apple, finished even stronger. The tech heavy index closed with a 1.7% gain(+121 pts):
Some color from Schaeffer’s Research: The Dow soared on Friday, as news that Warren Buffett substantially increased his Apple (AAPL) position sparked a huge move from the tech giant. In fact, shares of the iPhone maker hit an all-time high and closed the week up 13.3% — the best week in years for AAPL. The broader tech sector rallied as a result, helping the Dow and S&P erase almost all of their weekly losses, and ushering the Nasdaq to a weekly win. Elsewhere, investors also digested the nonfarm payrolls report for April, which revealed the lowest unemployment rate in 17 years, along with another strong uptick in oil prices.