Technology companies led a broad rally for stocks Friday as Wall Street notched its best week in 18 months. The gain broke a seven-week losing streak for the market, the longest such stretch since 2001.
The S&P 500 rose 2.5% and finished 6.6% higher for the week, its best weekly gain since November 2020. The Dow Jones Industrial Average rose 1.8% and the tech-heavy Nasdaq gained 3.3%.
The strong finish for the week came as investors received potentially encouraging news about inflation. The Commerce Department said that inflation rose 6.3% in April from a year earlier, the first slowdown since