Wall Street ended Friday’s trading session higher, ending a week of wild market volatility, amid relief over signs that inflation had peaked, offset by fears that it would push the Federal Reserve’s tightening monetary policy economy into recession.
The gains were led by a rebound in technology shares and related companies, which incurred heavy losses in recent sessions amid rising Treasury yields and investor concern that the Federal Reserve will raise interest rates more than expected.
Despite Friday’s gains, the S&P 500 and Nasdaq posted their sixth consecutive weekly loss, the longest losing streak since fall 2012 for the S&P and since spring 2011 for the Nasdaq.
The Dow Jones index recorded its seventh consecutive weekly decline, the longest losing streak since the late winter of 1980.
The Dow Jones Industrial Average increased 466.36 points, or 1.47%, to close the day at 32,196.66 points.
The Standard & Poor’s 500 Index rose 93.81 points, or 2.39%, to 4,023.89 points.
The Nasdaq Composite Index rose 434.04 points, or 3.82%, to 11,805 points.