As Wall Street recorded its greatest week in 18 months, tech firms led a wide market gain on Friday. The rise snapped the market’s seven-week losing skid, the longest since 2001.

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The S&P 500 gained 2.5% and completed the week up 6.6%, its largest weekly increase since November 2020. The Dow Jones Industrial Average climbed 1.8%, while the Nasdaq Composite gained 3.3%.

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The S&P 500 finished the day 100.40 points higher at 4,158.24. The Nasdaq gained 390.48 points to close at 12,131.13. Both indices gained for the third time in a row. The Dow surged 575.77 points to 33,212.96, marking its sixth consecutive gain. Smaller firm stocks gained momentum as well. The Russell 2000 index increased by 49.66 points, or 2.7%, to 1,887.90.

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For over two months, the broader market has been in a downturn as investors fret about increasing interest rates and inflation. Investors were alarmed last week by poor earnings results from major retailers such as Walmart and Target, which fueled concerns about increasing inflation squeezing profit margins and limiting consumer spending.

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Despite bumpy trading throughout the week, the market moved higher as retailers such as Macy’s and Dollar General provided optimistic earnings reports and financial updates.

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Investors continued to examine the latest wave of profits to get a clearer idea of how much pain higher inflation is wreaking on firms and consumers on Friday, with retailers among the top gainers. Ulta Beauty gained 12.5% for the largest rise in the S&P 500 after upping its profit prediction for the year. Amazon increased by 3.7%.

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Several corporations were knocked down by disappointing financial reports and profits. American Eagle dropped 6.6% after reporting disappointing first-quarter profits.

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Crude oil prices in the United States have been relatively steady, but are expected to rise by over 60% in 2022. Wheat prices are up almost 50% this year, while corn prices are around 30%. The 10-year Treasury yield, which influences mortgage rates, fell to 2.74% from 2.75% late Thursday.