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BusinessStocks Rally but End the Week With a Loss

Stocks Rally but End the Week With a Loss

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Wall Street ended Friday higher at the close of a broad rally, an upbeat conclusion to whipsaw week of buying and selling as signs of a rebounding economy did battle with mounting inflation jitters.

All three major U.S. indexes built on Thursday’s gains, when the S&P 500 notched its biggest one-day percentage bump in over a month.

“It’s a ‘buy everything’ day,” said Chuck Carlson, senior vice president at Wealthspire Advisors in New York.

Still, the indexes suffered their biggest weekly declines since late February.

Big swings this week were stoked by economic data, which fanned concerns that near-term price spikes could translate into long-term inflation, despite assurances to the contrary from the Federal Reserve.

Economic data released on Friday showed retail sales growth stalling and consumer sentiment dipping as prices continue to rise, suggesting that while the demand boom might be taking a breather, inflation has not.

But in an indication that economic activity could return to normal, revised guidance this week from the Centers for Disease Control and Prevention said fully vaccinated people no longer needed to wear masks outdoors and could avoid wearing them indoors in most places.

The S&P 500 gained 1.5 percent on Friday, but ended the week 1.4 percent below last week’s close. The Nasdaq composite jumped 2.3 percent on Friday.

All 11 major S&P sectors ended the session green, with energy, boosted by rebounding crude oil prices, enjoying the largest percentage gain.

Walt Disney Company shares dropped after the subscriber additions to its Disney+ streaming service fell short of expectations.

Airbnb reported a 52 percent jump in bookings, driving its stock higher.



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