SAN FRANCISCO — U.S. stocks rose Friday on a round of bargain hunting and a surge in energy shares, curbing what still turned out to be the worst week of the year for two stock benchmarks.
The Dow Jones industrial average rose 34.59 points, or 0.3 percent, to 13,080.73. The Standard & Poor’s 500 gained 4.33 points, or 0.3 percent, to 1,397.11. The Nasdaq composite rose 4.60 points, or 0.2 percent, to 3,067.92.
The higher close ended a three-day losing streak for the Dow and S&P 500.
Still, the Dow and the S&P 500 notched their worst week of the year, falling 1.2 percent and 0.5 percent, respectively. The Nasdaq rose 0.4 percent for the week.
“I think today is more about portfolios that have missed this rally and are looking to get in on a dip,” said Jim Paulsen, chief investment strategist at Wells Capital Management.
Plus, a drop in the dollar “reignited some dollar-sensitive sectors, such as oil, basic materials,” and industrials sensitive to international revenues, he said.
On the Dow, equipment-maker Caterpillar and oil conglomerate Chevron contributed the most to the index’s point gain Friday. Hewlett-Packard rose the most in percent terms, gaining 2.6 percent.
Materials, particularly chemical stocks, and energy sectors on the S&P 500 rose the most, gaining nearly 1 percent each. Of the 10 industry groups, only tech and telecoms fell.
Purchasing manager indexes in China and Europe, released earlier in the week, showed private activity in contraction.
Though expected, the data were “a reason for traders to take a little off the table,” said Fred Dickson, chief investment strategist at Davidson Cos. in Lake Oswego, Ore.
The key stock indexes are up between 7 percent and 18 percent this year, a heady move that had prompted strategists in recent weeks to say a correction was likely.
The gains have come alongside light trading volumes, which have cast some doubts on the strength of the rally.
