US STOCKS-Fueled by tech, Wall Street rebounds at end of volatile week

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* Oracle rises on Barclays upgrade
* Nasdaq set for third straight weekly loss
* Energy sector hits fresh one-year high

(Updates with end of session)
By Noel Randewich
March 5 (Reuters) - Wall Street ended sharply higher after a
volatile session on Friday, with the Nasdaq rebounding at the
end of a week that saw it extend losses to about 10% from its
previous record high.
All three main indexes bounced back from losses earlier in
the day, with investors in recent sessions spooked by rising
interest rates that offset optimism about an economic rebound.
Microsoft MSFT.O rallied, boosting the S&P 500 more than
any other stock, with gains in Alphabet GOOGL.O , Apple
AAPL.O and Oracle ORCL.N also lifting the index.
The benchmark 10-year U.S. Treasury yields US10YT=RR hit a
new one-year high of 1.626% after nonfarm payrolls increased by
379,000 jobs last month, blowing past a rise of 182,000 forecast
by economists polled by Reuters. Focus is also on a $1.9 trillion coronavirus aid bill as a
sharply divided U.S. Senate began what was expected to be a long
debate over a slew of amendments on how that money would be
spent. The Nasdaq logged its third straight weekly decline after a
recent spike in Treasury yields dented demand for high-flying
technology stocks.
Rising interest rates disproportionately hurt high-growth
tech companies because investors value them based on earnings
expected years into the future, and high interest rates hurt the
value of future earnings more than the value of earnings made in
the short term.
The tech-heavy Nasdaq is around 8% below its Feb. 12 closing
high.
Jake Dollarhide, chief executive officer of Longbow Asset
Management in Tulsa, Oklahoma, said his firm in recent days has
bought shares in a handful of growth companies whose prices have
been pummeled in the recent selloff.
"Next week, I would expect volatility to continue, with
pockets of opportunity, with certain things that sold off
potentially rebounding," Dollarhide said.
Unofficially, the Dow Jones Industrial Average .DJI rose
1.86% to end at 31,497.94 points, while the S&P 500 .SPX
gained 1.95% to 3,841.78.
The Nasdaq Composite .IXIC climbed 1.55% to 12,920.15.
The S&P 500 energy sector index .SPNY surged to a year
high as oil prices soared. O/R
Oracle Corp ORCL.O jumped after Barclays upgraded the
business software maker to "overweight" expecting improvement in
the IT spending environment.