Stocks Rebound After Volatile Week as Dow Hits Record High

Stocks rallied on Friday, with the S&P 500 rising 2 percent — its biggest one-day gain since May — as some beaten-down technology shares stabilized and investors shifted toward more traditional companies. The Dow Jones industrial average closed above 50,000 points for the first time, finishing at 50,115.

Industrial, energy and financial stocks also climbed, helping the Dow gain 2.5 percent on the day. The index, which tracks 30 predominantly cyclical companies while including big tech names such as Microsoft and Apple, has seen renewed interest in those more traditional sectors.

Caterpillar rose 7 percent on Friday and is up 25 percent for the year; Goldman Sachs and JPMorgan each rose about 4 percent. The move reflected mounting concerns over the rapid growth of artificial intelligence and the high valuations of A.I. companies, which have often been built on the promise but not yet reality of the new technology.