Dow soars by 1,200 points to top 50,000 for the first time as chipmakers and airlines lead ferocious stock market rebound

The U.S. stock market roared back on Friday, 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 rallied 2% for its best day since May. The Dow Jones Industrial Average soared 1,206 points, or 2.5%, and topped the 50,000 level for the first time, while the Nasdaq composite leaped 2.2%.

Chip companies helped drive the widespread rally, and Nvidia jumped 7.8% to trim its loss for the week, which came into the day at just over 10%.