The Dow Jones Industrial Average rose 321.83 points, or 1.1%, to 31,097.26. The S&P 500 rose 1.1% to 3,825.33. The Nasdaq Composite was also up by 0.9% to 11,127.85.

The higher close on Wall Street came as traders went bargain hunting following the significant decrease seen early in the session.

Bond yields fell significantly. The yield on the 10-year Treasury, which helps set mortgage rates, fell to 2.89% from 2.97% Thursday.

A report from the Institute for Supply Management showing the pace of growth in U.S. manufacturing activity slowed by more than expected in the month of June. The ISM said its manufacturing PMI slid to 53.0 in June from 56.1 in May.

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