NEW YORK, March 14 (Xinhua) -- U.S. stocks rallied on Friday, recovering some of the steep losses they suffered earlier in the week, as investors found relief in a lull in tariff-related headlines.

The Dow Jones Industrial Average jumped 674.62 points, or 1.66 percent, to close at 41,488.19. The S&P 500 climbed 117.42 points, or 2.13 percent, to 5,638.94, while the Nasdaq Composite soared 451.08 points, or 2.61 percent, to 17,754.09.

All 11 primary S&P 500 sectors finished in positive territory, with technology and energy stocks leading the gains, rising 3.04 percent and 2.81 percent, respectively. Consumer staples saw the smallest increase, adding 0.28 percent.

Nvidia (NVDA) surged 5.27 percent, leading the market higher, while Tesla and Meta Platforms gained 3.86 percent and 2.96 percent, respectively. Other major tech names, including Netflix, Amazon, and Apple, also posted gains. Stocks bounced as the absence of fresh White House tariff announcements temporarily eased concerns over escalating trade tensions.

Investors also appeared to take advantage of lower prices after Thursday's sharp sell-off, which saw the S&P 500 slide 1.4 percent, officially entering correction territory, which is defined as a 10 percent drop from a recent peak. The Nasdaq fell deeper into correction, now down over 9 percent year to date, while the small-cap-focused Russell 2000 has tumbled 18 percent from its recent high, approaching bear market territory.

Boosting sentiment on Friday was Senate Minority Leader Chuck Schumer's remarks that he would not block a Republican-backed government funding bill, reducing fears of a potential shutdown.

Investors will now shift their focus to the Federal Open Market Committee meeting, where officials are widely expected to hold interest rates steady. Market participants will be watching closely for any signals on the timing of potential rate cuts later this year. According to the CME FedWatch tool, markets are pricing in a 97 percent probability that the central bank will leave interest rates unchanged.

BMO chief investment strategist Brian Belski, one of Wall Street's most optimistic voices who accurately predicted the market rebound in 2022, reassured investors in a client note on Friday. "Given the increased negative banter and many macro forecasts being revised to the downside, we have been inundated by clients on not only our opinion, but more directly - why we are NOT changing our view. To be blunt, we believe it is inappropriate to be changing forecasts for the sake of uncertainty and fear," Belski wrote.

However, fresh economic data underscored lingering concerns. The University of Michigan's consumer sentiment index for March fell to 57.9, well below the 63.2 reading economists had expected. The weak sentiment reflects growing worries over tariff-related uncertainty and broader economic conditions.

"Consumer sentiment came in worse, inflation expectations are rising, the 10-year Treasury yield is rising. You would think that the market would be off. So a lot of folks are watching to see if this rally has any breadth or legs," said Thomas Martin, portfolio manager at Globalt Investments. Enditem

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