US surge during early trade, still on track for hefty weekly losses

Major US equity indices opened higher on the last trading day of a brutal week but remained on course for their biggest weekly losses in at least six years.

The early bounce followed yesterday's sharp losses, which sent the S&P 500 and the blue-chip Dow Jones Industrial Average (DJIA) down more than 10% since hitting record highs on Jan. 26. 

Thursday was the second time this week when the DJIA fell more than 1,000 points amid concerns that faster-than-expected inflation will lead to more Fed rate hikes this year than currently expected.

Also supporting the early bullish mood was the passage of a legislation to fund the federal government through March 23 and to increase overall spending limits over two years. 

Driven by a sudden spurt in volatility, with the CBOE's Volatility Index (VIX) nearly tripling so far this year, global indices are on track for their worst week since 2011.

During the opening hour of trade, the DJIA was up around 270-points to 24,130 and the S&P 500 Index gained nearly 35-points to move back above the 2,600 round figure mark. Meanwhile, tech-heavy Nasdaq Composite Index surged nearly 100-points to 6,875.