The stock market’s Friday rally picked up some steam as afternoon trading rolled on. The Dow was up 350 points, or 0.8%, around 2:30 p.m. ET. The S&P 500 was up 1.3%. The Nasdaq Composite was up 1.7%. The Russell 2000 was up 1.4%.

US stocks jumped on Friday, ending a five-day losing streak for the S&P 500, Dow Jones, and Nasdaq 100. Risk-on stocks in the consumer discretionary and technology sectors led the market higher. Stocks hit session highs around the same time Congressman Mike Johnson was reelected to Speaker of the House,

The S&P 500’s gains were accelerating Friday afternoon, but the index’s sharp rebound still wasn’t large enough to bring about the traditional turn-of-the-year "Santa Claus rally." The Santa Claus rally period spans seven trading days ending with the close of the second stock-market session of the new year — and historically,