US STOCKS-Led 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
* Indexes: Dow +1.24%, S&P 500 +1.22%, Nasdaq +0.76%

(Updates with rebound in indexes)
By Noel Randewich
March 5 (Reuters) - Wall Street surged in volatile trading
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 2.2%, boosting the S&P 500 more
than any other stock, with gains in Intel INTC.O , Alphabet
GOOGL.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 was headed for 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 about 9% below its Feb. 12 closing
high. This week, it has lost about 3%.
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.
In afternoon trade, the Dow Jones Industrial Average .DJI
was up 1.24% at 31,309.13 points, while the S&P 500 .SPX
gained 1.22% to 3,814.35.
The Nasdaq Composite .IXIC was up 0.76% to 12,820.07,
bouncing back from a loss of over 2%.
The S&P 500 energy sector index .SPNY jumped almost 3% to
a year high as oil prices soared. O/R
Oracle Corp ORCL.O jumped about 6% after Barclays upgraded
the business software maker to "overweight" expecting
improvement in the IT spending environment. Advancing issues outnumbered declining ones on the NYSE by a
1.48-to-1 ratio; on Nasdaq, a 1.07-to-1 ratio favored advancers.
The S&P 500 posted 40 new 52-week highs and no new lows; the
Nasdaq Composite recorded 161 new highs and 132 new lows.