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S&P 500, Nasdaq close up for 4th straight week
STORY: Wall Street rallied on Friday, with the S&P 500 and Nasdaq posting their fourth straight week of gains, their longest streak of the year.The Dow closed up a percent and a quarter. The S&P 500 rose nearly a percent three quarters, while the Nasdaq gained more than 2%.Signs of slowing inflation boosted investor confidence that a bull market could be under way, after data this week showed a slower-than-expected rise in the consumer price index and a surprise drop in producer prices last month.Doug Sandler is head of global strategy at RiverFront Investment Group.”I think the market or I think investors have seen enough of the light that maybe we’ve turned the corner on inflation. You had two numbers this week. You had CPI that came in a little better than expectations. And then you had PCI, which is the producer price index. And that came in a little better than expectations as well yesterday.”The S&P 500 crossed a closely watched technical level of 4,231 points, indicating the benchmark index has recouped half its losses since tumbling from its all-time peak in January, which for some signaled a bull market.Growth stocks rose more than value stocks, with Apple, Google-parent Alphabet and Amazon all gaining more than 2%.Bank stocks rose to extend their rally for a sixth straight week. And GlobalFoundries jumped after the contract chip manufacturer was added to Bank of America Global Research’s “U.S. 1 list.”
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