Stocks fly high on Wall Street, giving the S&P 500 its 4th straight week of gains

U.S. stocks saw big gains on Friday, giving the S&P 500 its first 4-week winning streak since November.

The benchmark index rose 73 points to 4,280, or 1.7%, Friday, while the Dow Jones Industrial Average climbed 424 points to 33,761, or 1.3%. Technology stocks drove much the rally with the Nasdaq up 2%. 

Energy companies lagged the market as crude oil prices fell.

Inflation cooled more than expected last month, sending stocks higher. Investors see a higher chance inflation may have peaked, allowing the Federal Reserve to be less aggressive with its rate hikes than it has been this year.

Inflation is still painfully high, of course, and the economy has given false signals before that relief was on the way only for the rug to get pulled out from underneath investors. Some Federal Reserve officials also made comments after Wednesday’s inflation report suggesting their battle against rising prices is far from over. 

“A potential peak in annual inflation measures is a welcome sign for consumers, businesses and the [Federal Open Market Committee], but historically elevated price dynamics churning in the economy will likely persist through the end of the year,” Mahir Rasheed, U.S. economist with Oxford Economics, said in a report.

For the week:

  • The S&P 500 is up 134.96 points, or 3.3%.
  • The Dow is up 957.58 points, or 2.9%.
  • The Nasdaq is up 389.63 points, or 3.1%.
  • The Russell 2000 is up 94.79 points, or 4.9%.

For the year:

  • The S&P 500 is down 486.03 points, or 10.2%.
  • The Dow is down 2,577.25 points, or 7.1%.
  • The Nasdaq is down 2,597.78 points, or 16.6%.
  • The Russell 2000 is down 228.70 points, or 10.2%.

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