Wall Street heads into greener pastures after inflation data cools down
• For the week, the Dow gained 6.2%, breaking eight weeks of losses
Dow continued its climb for the sixth straight day recording the longest streak of wins in the past two months. Consumer and technology stocks closed higher.
The Dow Jones Industrial Average jumped 575.77 points, or 1.8%, to close at 33,212.96. S&P 500 gained 100.40 points, or 2.5%, to finish at 4,158.24. The Nasdaq Composite rose 390.48 points, or 3.3%, to end at 12,131.13.
For the week, the Dow gained 6.2%, breaking eight weeks of losses that were its longest since 1932.
Investors heaved a sigh of relief when the US inflation rate, as measured by the personal consumption expenditures (PCE) index, rose just 0.2% in April. This was the smallest monthly increase in a year and a half.
Market movers
Treasury yields were little changed, with the 10-year rate edging down less than one basis point Friday to 2.748%, down six of the past eight trading days.
The shares of Dell Technologies Inc. (NASDAQ: DELL) rose 12.9% after the computer equipment maker reported higher first-quarter sales and lower operating expenses.
Semiconductor chipmaker Marvell Technology Inc. (NASDAQ: MRVL) also gained 6.7% after it reported solid earnings results.
Shares of ULTA Beauty (NASDAQ: ULTA) rose 12.5% after the beauty products retailer lifted its full-year sales and earnings guidance Thursday after better-than-expected first-quarter results. At the same time Gap (NYSE: GPS) added 4.3% despite slashing its profit guidance.
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