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Wall Street rallied Friday, ending a week-long wild market with signs of inflation and fears that the Federal Reserve could tighten policy further.
The re-growth of megacap tech and technology-related growth stocks has led to a growing market. These shares thrive when interest rates are low and Fed policy is a resilient one during the epidemic, but they have been selling out in recent times.
Despite the gains, the S&P 500 and Nasdaq were on track to post their sixth consecutive weekly losses. It could be the longest loss for the S&P 500 since the fall of 2012 and the Nasdaq since the spring of 2011.
Dow was in the process of diving for the seventh week in a row, the blue chip average the longest loss since the late winter of 1980.
"It's been a few months dark, we are either close or very close to the stock market almost every major indicator," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. "It's too early to say we are approaching the ground and at least settled down."
Over the past six days of trading, the Department of Labor released four economic reports suggesting that inflation reached a peak in March, with welcome news from market participants worried that the forthcoming Fed inflation-targeting inflation could trigger the recession.
Fed Chairman Jerome Powell, who was confirmed on Thursday by the US Senate for a second term, reiterated the central bank's commitment to fighting inflation, but said he believed the economy could avoid a sharp decline.
Powell "displayed modesty and seriousness at the same time," Tuz said. "He is committed to controlling this inflation, even if he admits it will hurt."
Dow Jones Industrial Average rose 160.15 points, or 0.5%, to 31,890.45, the S&P 500 gained 54.19 points, or 1.38%, to 3,984.27 points and the Nasdaq Composite added a point of 160.15. 303.40, or 6 to 4.6%
Among the 11 major sectors of the S&P 500, consumer choice stocks enjoyed the largest percentage gain.
The first quarter reporting season has come to an end, with 458 companies in the S&P 500 reporting. Of those, 78% reported harmless beatings.
For the first three months of the year, analysts now see the total earnings of the S&P 500 year-on-year increase by 11.1%, up from 6.4% at the end of the quarter
Shares of Twitter Inc dropped 9.8% following Elon Musk's announcement that he had terminated a $ 44 billion acquisition agreement, as he waited for a telecommunications company to provide details on fraudulent accounts.
Tesla Inc changed + 4.9%.
Robinhood Markets Inc. trading platform increased by 23.0% after Samuel Bankman-Fried, chief executive and founder of cryptocurrency exchange FTX, revealed a 7.6% stake in the trading software company.
Warren Buffett's Berkshire Hathaway announced the purchase of additional shares of Occidental Petroleum, sending oil company shares up 6.2%.
Developing crises have increased the number of declining ones on the NYSE by an average of 3.37-to-1; on Nasdaq, a 2.94-to-1 rating favoring developers.
The S&P 500 sent one new 52-week new top 30 and bottom 30; Nasdaq Composite recorded 9 new heights and 257 new lows.
