The Dow increases by more than 700 points on Friday, capping up Wall Street's biggest week since June

The market's gains for the week were extended by Friday's trades. The Nasdaq surged 5.2% while the S&P 500 and Dow increased by 4.7% and 4.9%, respectively. All three main averages had their greatest week since June during this period.

The increase occurred despite a mixed bag of corporate results reports and the 10-year Treasury yield soaring to its highest level since 2008.

"I believe that the market technically become a little bit oversold at the conclusion of last week. Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research, said that when things get sufficiently bad, it can act as a contrarian indication for a bounce.

But it hasn't been very well sustained, just like every previous bounce we've had. A rebound today doesn't guarantee it will last into the next week. If so, I don't think it will take more than a day or two," Frederick continued.

On Friday, bank stocks performed well, with Goldman Sachs up 4.6% and JPMorgan Chase rising 5.3%.

Market gains from earnings announcements were modest. Following their quarterly releases, Dow components American Express and Verizon had losses of around 1.6% and 4.5%, respectively. In the IT industry, social media startup Snap had its quarterly sales come in at $1.13 billion, which was below estimates.

Following a report from the Wall Street Journal that some Fed officials are worried about overtightening with significant rate rises, Treasury rates decreased from their highs on Friday morning. The stock market also seemed to gain from that news.

Stocks entered a bear market this year as a result of the Fed's rapid rate rises, and traders have since increased their predictions of the Fed's eventual cap.

"The Fed has to take a break. Barry Bannister, a chief equity strategist at Stifel, not so much that they would outright deny future rate hikes, but that they would just say every meeting is live."

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