The U.S. stock market roared back, as technology stocks recovered much of their losses from earlier in the week and bitcoin halted its plunge, at least for now.

The S&P 500 jumped 2% Friday for its best day since May. The Dow Jones Industrial Average soared roughly 1,200 points and topped the 50,000 level for the first time, while the Nasdaq composite rallied 2.2%.

Chip companies helped drive the gains on hopes for more big spending by customers diving into AI technology. Stocks also got a boost from a better reading on sentiment among U.S. consumers.

Bitcoin rose back above $70,000.

On Friday:

The S&P 500 rose 133.90 points, or 2%, to 6,932.30.

The Dow Jones Industrial Average rose 1,206.95 points, or 2.5%, to 50,115.67.

The Nasdaq composite rose 490.63 points, or 2.2%, to 23,031.21.

The Russell 2000 index of smaller companies rose 92.69 points, or 3.6%, to 2,670.34.

For the week:

The S&P 500 is down 6.73 points, or 0.1%.

The Dow is up 1,223.20 points, or 2.5%.

The Nasdaq is down 430.60 points, or 1.8%.

The Russell 2000 is up 56.59 points, or 2.2%.

For the year:

The S&P 500 is up 86.80 points, or 1.3%.

The Dow is up 2,052.38 points, or 4.3%.

The Nasdaq is down 210.78 points, or 0.9%.

The Russell 2000 is up 188.43 points, or 7.6%.