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Markets close week with gains, tech stocks rally to the upside

Yahoo Finance reporter Emily McCormick looks at how stocks ended the week higher with tech stocks leading the way.

Video transcript

RACHELLE AKUFFO: Welcome back to Yahoo Finance Live, everyone. We're just a few minutes away from the closing bell. Still green across the board. Let's take a look at what's making up the rally that we're seeing today with Yahoo Finance's own Emily McCormick.

EMILY MCCORMICK: Well, Rachelle, we're on track to close out a winning day and winning week on Wall Street. The S&P 500 actually extending gains into the close here, up about 2.9%, with just a couple of minutes until that closing bell, and up more than 5% for the week, actually, now more than 6%, and also on track for one of its best weeks so far of 2022.

Now we're also seeing gains really being led here by the technology stocks. Because of that, we are seeing the NASDAQ composite really the big outperformer today, up more than 3%. And that is coming as we're seeing the 10-year T-note yield actually stabilizing about 20 basis points below what we saw at the beginning of this holiday shortened week on Tuesday. So that is a significant move to the downside we've seen in this 10-year T-note yield, helping support some of those tech and growth stocks.

Now I also want to highlight what we've been seeing in the commodity space because we really have been seeing a market move lower in WTI crude oil futures. Over the past couple of weeks, we saw a little bit of a bounce higher today above that $107 per barrel level. But again, still moving to the downside when we take a look over the past month now.

Then also want to highlight the sector action that we're seeing inside of the S&P 500, really underscoring the gains that we're seeing across the board here. All 11 major sectors on track to close out the day in positive territory. And again, when we look at the components within the NASDAQ 100 as well, really highlighting the fact that these technology stocks, by and large, really moving to the upside here, with the exception of Lucid inside of that index.

Then finally, I'll leave you guys with a look at the Dow Jones Industrial Average and the components we're seeing here as well. Gains being led by Salesforce, Goldman Sachs, as well as Boeing, whereas we only had-- you have UnitedHealth, as well as Verizon, about to post losses here on the day. So again, winning day on Wall Street and a winning week as well.