Stocks jump to close out second best week of 2022: S&P 500 gains 3.1%, Dow adds 800+ points
US stocks rose Friday, with the S&P 500 ending a three-week losing streak as investors digested Federal Reserve officials' latest affirmations that they remained committed to bringing down inflation.
The S&P 500 rose by more than 3%, logging a back-to-back day of gains and its first weekly advance since late May. The S&P 500's more than 6% weekly advance also marked its second best of 2022 to date. The Dow rose by more than 800 points, or 2.7%, while the Nasdaq increased by more than 3.3% as tech shares rebounded. The major averages held onto gains even after a closely watched print on consumer sentiment was revised down to a fresh record low, as Americans continued to grapple with elevated inflation. However, the survey also showed consumers' one-year inflation expectations eased from a multi-decade high.
