Clothing retailer American Eagle fell 6.6% after reported weak first-quarter earnings. Amazon rose 3.7%.ĭisappointing financial updates and earnings weighed on several companies. Beauty products company Ulta Beauty surged 12.5% for the biggest gain in the S&P 500 after raising its profit forecast for the year. Retailers were among the biggest gainers Friday as investors continued reviewing the latest round of earnings to get a better sense of just how much pain rising inflation is inflicting on businesses and consumers. Trading remained choppy throughout the week, though the market mostly pushed higher, as retailers including Macy's and Dollar General released encouraging earnings reports and financial updates. Investors were spooked last week by disappointing reports from key retailers, including Walmart and Target, which stoked fears about rising inflation hitting profit margins and crimping consumer spending. The broader market has been in a slump for nearly two months as concerns about inflation and rising interest rates pile up. Smaller company stocks also gained ground. The Dow rose 575.77 points to 33,212.96, its sixth-straight gain. It was the third straight gain for both indexes. “It’s definitely one of the signs you would want to see." “At this point that’s all the market needs,” said Ross Mayfield, investment strategy analyst at Baird. The report was released as Wall Street looks for any signal that inflation could be easing, while trying to figure out just how low stocks might sink. The Commerce Department said that inflation rose 6.3% in April from a year earlier, the first slowdown since November 2020 and a sign that high prices may finally be moderating, at least for now. The strong finish for the week came as investors received potentially encouraging news about inflation. The Dow Jones Industrial Average rose 1.8% and the tech-heavy Nasdaq gained 3.3%. The S&P 500 rose 2.5% and finished 6.6% higher for the week, its best weekly gain since November 2020. The gain broke a seven-week losing streak for the market, the longest such stretch since 2001. NEW YORK (AP) - Technology companies led a broad rally for stocks Friday as Wall Street notched its best week in 18 months. (Courtney Crow/New York Stock Exchange via AP) Courtney Crow/AP Show More Show Less Stocks rose in morning trading on Wall Street Friday, keeping the market on track for its first weekly gain after seven weeks of losses. (Courtney Crow/New York Stock Exchange via AP) Courtney Crow/AP Show More Show Less 4 of4 In this photo provided by the New York Stock Exchange, a pair of traders work on the floor, Friday, May 27, 2022, in New York.
(Courtney Crow/New York Stock Exchange via AP) Courtney Crow/AP Show More Show Less 3 of4 In this photo provided by the New York Stock Exchange, specialist Thomas McArdle works at his post on the floor, Friday, May 27, 2022, in New York.
(Courtney Crow/New York Stock Exchange via AP) Courtney Crow/AP Show More Show Less 2 of4 In this photo provided by the New York Stock Exchange, specialist John McNierney works at his post on the floor, Friday, May 27, 2022, in New York. 1 of4 In this photo provided by the New York Stock Exchange, traders gather at a post on the floor, Friday, May 27, 2022, in New York.