U.S. stocks surged Friday, snapping a two-day losing streak and ending an up-and-down week of trading that opened with a two-day rally.

The Dow Jones Industrial Average rose 749.43 points, or 2.47%, to 31,083.02. The S&P 500 rose 87.37 points, or 2.38%, to 3.753.15, and the Nasdaq Composite was up 244.87 points, or 2.31%, to 10,859.72.

The Wall Street Journal reported Friday that the Federal Reserve is expected to increase interest rates 0.75% for the fourth consecutive time in November, but it may slow the pace and rate of increases afterward.

Some analysts and investors feared the central bank would act too aggressively in fighting inflation with rate hikes, pushing the economy into recession. Indications that the Fed may ease up after a November rate hike helped drive share prices higher.

Some of the stocks that rose included Apple (AAPL), which closed at $147.27, up $3.88, or 2.71%. Qualcomm's (QCOM) price of shares rose $3.76, or 3.36%, to close at $115.74.

"We really need a Fed pause. Not so much that they would just outright disavow future rate hikes, but that they would just say every meeting is live, and if the data go our way then after the first half of '23 we don't have to do more," Stifel brokerage firm chief equity strategist Barry Bannister told CNBC.