Stocks rise on Wall Street, trimming their weekly losses

Stocks rose in afternoon trading on Wall Street Friday, trimming losses for some of the major indexes this week.

The S&P 500 rose 1.3%, the Dow Jones Industrial Average rose 0.8% and the Nasdaq rose 1.9%.

Technology and communications stocks led the market higher. Investors are anxiously watching as the Federal Reserve prepares to withdraw its huge economic stimulus and raise interest rates to fight inflation.

Technology stocks led the rally, along with communications companies. Apple rose after reporting strong financial results.

Companies continued warning that supply chain problems are hurting operations. Bond yields edged lower.