US stocks move higher, erasing weekly loss for the S&P 500

In this Nov. 5, 2020 file photo, a sign for Wall Street is carved in the side of a building, in New York. Stocks are opening broadly higher on Wall Street, Friday, May 21, 2021, bringing the S&P 500 out of the red for the week. (AP Photo/Mark Lennihan, File)

Stocks were broadly higher in morning trading Friday, giving the market enough momentum to be on pace to close the week higher after a volatile start to the week.

The S&P 500 index was up 0.4% as of 11:03 a.m. Eastern. The Dow Jones Industrial Average rose, 256 points, or 0.8%, to 34,340 and the Nasdaq was little changed. The S&P 500 was now up 0.1% for the week.

Banks and health care companies led the gains. Investors remain focused on the possibility of inflation as the economy stirs to life following more than a year of shutdowns related to the COVID-19 pandemic.

Inflation remains a worry for investors in part because it may cause central banks to pull back on their efforts to support job growth before the economic recovery is fully realized.

Oatmilk maker Oatly rose another 12.9%, following the 19% climb it made a day earlier on its first day of trading.

Nvidia, the graphics card and chip manufacturer, rose 2.5% after the company announced a four-for-one stock split. Nvidia was one of the biggest gainers of 2020.

Solid earnings helped lift several companies. Foot Locker rose 3.3% after reporting solid first-quarter earnings and revenue. Agricultural equipment maker Deere gained 3.6% after beating Wall Street's fiscal second-quarter profit forecasts.

Treasury yields were mostly stable. The yield on the 10-year Treasury note held steady at 1.63%.