CORRECTED-US STOCKS-Wall Street rallies as growth stocks rebound, Twitter slides

Reuters

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 (Corrects to say Nasdaq was on course for its sixth straight
weekly loss, not seventh, in paragraph 10)
    * Tesla leads gains among megacap growth stocks
    * All major indexes tracking steep weekly losses
    * Indexes up: Dow 1.19%, S&P 1.87%, Nasdaq 2.93%

    By Devik Jain and Bansari Mayur Kamdar
    May 13 (Reuters) - Growth stocks led a rebound in Wall
Street's main indexes on Friday at the end of a week marred by
worries about the worsening outlook for economic growth, while
Twitter sank after Elon Musk put his deal for the social media
company on hold.
    All the 11 major S&P sectors advanced in early trading, with
technology  .SPLCRT  and consumer discretionary  .SPLRCD  stocks
rising 2.7% and 3.3%, respectively. 
    Growth stocks such as Apple Inc  AAPL.O , Google-owner
Alphabet Inc  GOOGL.O , Amazon.com  AMZN.O  and Nvidia Corp
 NVDA.O  gained between 2.2% and 6.5% after falling for most of
the week.
    Wall Street has gyrated wildly this week on fears that the
Ukraine war, surging inflation, COVID-19 lockdowns in China and
hawkish Federal Reserve policy moves could spark a global
economic slowdown.
    Fed Chair Jerome Powell repeated on Thursday his expectation
that the central bank will raise interest rates by half a
percentage point at each of its next two policy meetings while
pledging "we're prepared to do more" if data turns the wrong
way.  urn:newsml:reuters.com:*:nL2N2X433H
    Money markets are pricing a 73% chance of a 75 basis point
hike by the Fed in June.  IRPR 
    The S&P 500 index  .SPX  on Thursday came within striking
distance of confirming a bear market after swooning from its
all-time high reached on Jan. 3. The tech-heavy Nasdaq  .IXIC 
is already in a bear market, down 25.3% from its record close in
November last year.
    "I think the S&P 500 nearing bear territory is a signal to
buy," said Sylvia Jablonski, CEO at Defiance ETFs. "We haven't
seen the level of dip buying that we have historically, but I
suspect that's going to change in the near term." 
    At 10:12 a.m. ET, the Dow Jones Industrial Average  .DJI 
was up 376.41 points, or 1.19%, at 32,106.71, the S&P 500  .SPX 
was up 73.53 points, or 1.87%, at 4,003.61, and the Nasdaq
Composite  .IXIC  was up 333.48 points, or 2.93%, at 11,704.44.
    Losses this week have put the benchmark S&P 500 and the
Nasdaq on course for their sixth straight weekly loss, while the
blue-chip Dow  .DJI  was looking at its seventh consecutive
weekly fall.
    Twitter Inc  TWTR.N  was among the biggest losers on Friday,
slumping 10% after Tesla chief Elon Musk said the $44-billion
deal to buy the micro-blogging platform was "temporarily on
hold" even as he said he is committed to the acquisition.
 urn:newsml:reuters.com:*:nL3N2X520W
    Tesla Inc  TSLA.O  jumped 4.6%.
    Robinhood Markets Inc  HOOD.O  surged 21% after Samuel
Bankman-Fried, the chief executive and founder of cryptocurrency
exchange FTX, revealed a 7.6% stake in the brokerage app
company.  urn:newsml:reuters.com:*:nL2N2X434I
    Occidental Petroleum  OXY.N  climbed 6.3% after Warren
Buffett's Berkshire Hathaway  BRKa.N  disclosed buying more
shares of the oil company this week.  urn:newsml:reuters.com:*:nL2N2X50YB
    Advancing issues outnumbered decliners by a 5.50-to-1 ratio
on the NYSE and a 4.70-to-1 ratio on the Nasdaq.
    The S&P index recorded 1 new 52-week high and 30 new lows,
while the Nasdaq recorded 3 new highs and 264 new lows.

 (Reporting by Devik Jain, Bansari Mayur Kamdar in Bengaluru;
Editing by Sriraj Kalluvila and Aditya Soni)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))

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