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The S&P 500 rose Friday for a fifth session and posted a sharp weekly gain, as investors looked past the release of disappointing consumer sentiment data and persistent inflation worry.
The Dow Jones Industrials popped 331.99 points to 42,654.74. Friday’s advance put the 30-stock benchmark into positive territory for 2025.
The much-broader index cruised ahead 41.45 points to 5,958.38
The NASDAQ Composite shrugged off early losses and surged 98.78 points to 19,211.10.
Stocks have made a strong comeback since U.S. and Chinese officials earlier this week agreed on a 90-day truce in their tariff measures, which eased investors’ fears of escalating global trade tensions and rising risk to the economy.
For the week, the S&P 500 surged 5.3%, and the Dow gained 3.4%. The NASDAQ Composite jumped 7.2% this week.
Technology stocks also had a strong week.
Shares of Nvidia gained about 16%, while Meta Platforms advanced 8%. Shares of Apple climbed 6%, while Microsoft popped 3%.
A weaker-than-expected reading of consumer sentiment put a dent in overall investor enthusiasm on Friday. The University of Michigan’s survey of consumers fell to 50.8 in May, down from 52.2 in April, which is the second-lowest reading ever behind June 2022.
Consumer expectations for inflation over the next year jumped to 7.3% from 6.5% last month, as survey respondents continue to signal worry tied to President Donald Trump’s tariffs.
Friday could see an uptick in volatility on Wall Street due to a large amount of options contracts that are set to expire. Goldman Sachs estimated that more than $2.8 trillion of notional options exposure will expire on Friday, the biggest such number on record for a May trading day.
Prices for the 10-year Treasury were static, keeping yields at Thursday’s 4.44%.
Oil prices captured 80 cents to $62.42 U.S. a barrel.
Prices for gold dropped $29.10 to $3,107.50
