Nasdaq adds 1.9%, S&P 500 closes nearly 1% higher and notches best week since June – CNBC

The S&P 500 closed out its best week since June as a report showing slowing inflation on Thursday raised hopes that the Federal Reserve would soon slow its tightening campaign.

The broader market index added 0.9%, bringing its gain for the week to 5.9%, its best week since the one ended June 24 of this year. The Nasdaq Composite added 1.9% as investors snapped up tech shares on hopes interest rates would ease. The Dow Jones Industrial Average gained 0.1%.

Tech stocks on Friday shook off a decline in cryptocurrencies, which came under pressure Friday after FTX announced it’s filing for bankruptcy, and CEO Sam Bankman-Fried resigned. Bitcoin fell 5%, and ether declined more than 3%.

Still, tech stocks and related crypto stocks rebounded after opening lower Friday. The tech sector in the S&P 500 surged 10% through Friday, or its best weekly performance since April 2020. Shares of Amazon was up more than 4% on Friday, while Google-parent Alphabet was roughly 3% higher.

The Dow jumped more than 1,200 points on Thursday following a smaller-than-expected rise in consumer prices for the month of October, giving investors hope that inflation may be cooling. The S&P rose 5.5%, and the Nasdaq Composite surged about 7.4%. It was the best day since 2020 for all three.

Treasury yields plunged Thursday on the back of the weaker-than-expected inflation print. The 10-year Treasury yield was at 3.82% after ending last week at 4.16%.

“From an equity market perspective, as long as the threat of much higher rates is out the way, this should remove a major headwind,” Barclays’ Emmanuel Cau wrote in a Friday note.

All of the indexes posted a winning week. The Dow is up about 4% on a weekly basis, while the Nasdaq Composite is up more than 8%. This week is a resumption of a comeback rally for the bear market which began in mid-October, but paused in recent weeks. The S&P 500 is now up more than 14% from its bear market low, but still down 16% for the year.

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