Stocks closed higher on Wall Street Friday, notching sizable weekly gains for major indexes.

The benchmark S&P 500 rose 2.4% Friday, while the Dow Jones Industrial Average and the Nasdaq also gained ground.

Social media companies were broadly lower after Snapchat's parent company issued a weak outlook and the Washington Post reported that Elon Musk plans to slash about three-quarters of the payroll at Twitter after he buys the company.

The yield on the two-year Treasury note fell to 4.49% on hopes that the Federal Reserve might consider slowing down its future rate increases after making another big hike next month.