Dow soars 572 points as strong jobs report emboldens dip-buying in tech stocks

Dow soars 572 points as strong jobs report emboldens dip-buying in tech stocks

US stocks rebounded Friday as dip-buyers emboldened by the strong February jobs report helped lift mega-cap technology stocks out of correction territory.

Businesses added 379,000 payrolls in February, the Bureau of Labor Statistics announced Friday. Economists surveyed by Bloomberg expected a gain of 200,000 payrolls. Further, the US unemployment rate unexpectedly fell to 6.2% from 6.3%.

The 10-year Treasury yield surged to 1.62% on Friday morning after the jobs report. Its rise this week reflects that the US is preparing to exit a "horrible time in our economy," says Jamie Cox, managing partner for Harris Financial Group, told Insider.

Here's where US indexes stood at the 4 p.m. ET market close on Friday:

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The recent decline in tech stocks has created a "massive buying opportunity" as another 30% jump in the sector is possible over the next 12 to 18 months, according to analysts at Wedbush Securities.

Palantir stock sank as much as 18% on Friday continuing its downward spiral since hitting record highs of $39 per share on January 27. Palantir's recent lockup expiration that released some 80% of the company's shares to trade