US stocks rose sharply on Friday as investors parsed through a mix of corporate financial results and pondered the possibility that Federal Reserve officials could ease aggressive rate hikes earlier than expected.

The S&P 500 (^GSPC) marched up 2.4%, while the Dow Jones Industrial Average (^DJI) rose more than 700 points, or 2.5%. The tech-heavy Nasdaq Composite (^IXIC) gained 2.3%. Funds rebounded after a relentless climb in recent days as the benchmark 10-year note temporarily rose above 4.3%, a level not seen since 2008.

In a statement at Friday’s meeting, San Francisco Federal Reserve President Mary Daly said the US central bank should avoid pushing the economy down unnecessarily and that it was time to consider easing the pace of hikes.

Investors also weighed in on a Wall Street Journal report earlier in the day indicating that Fed policymakers are poised to deliver another 0.75% interest rate hike at their November 1-2 meeting and are expected to discuss the possibility of a smaller increase in December.

Even in the last two days, equities closed the week much higher thanks to mega rallies on Monday, Tuesday and Friday.

“We are closer to the end than we are to the beginning, and the more market rallies we see, the less we have left before we end it,” Liz Young, SoFi’s Head of Investment Strategy said in a note. “Yet another section to check off the list, but if or when earnings are broken and just before economic data drops into contractionary conditions, that’s when you start pushing for market opportunities – that could be just around the corner.”

The third-quarter earnings season so far has been better than many analysts expected, with hits from companies like Netflix ( NFLX ), AT&T ( T ), and IBM ( IBM ) countering major neglect from names such as Snap (SNAP), which fell 28% on Friday after disappointing Wall Street with its results.

The social media platform reported a fifth straight quarterly slowdown, along with lackluster profits and a warning that sales trends in the current three-month period could worsen.

“It’s hard to parse out how much of Snap’s issues are ephemeral,” Jefferies analyst Brent Thill said in a note. “The weak macro background is partly to blame for the soft results, but we question how much is due to iOS privacy issues and competitive threats.”

Snap’s declines extended to other social media and tech peers on Friday as well, with shares of Meta (META) down 1.1% and shares of Twitter (TWTR) down nearly 5%.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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