Nasdaq ends up 3.8%, closing bruising week on positive note

Traders work on the floor of the New York Stock Exchange, on May 13, 2022. PHOTO: REUTERS

NEW YORK (AFP) - Wall Street stocks rallied on Friday (May 13), finally managing to score gains at the end of a week beset with worries over inflation, the Ukraine war and the economic outlook.

The tech-rich Nasdaq Composite Index led the major indices, winning 3.8 per cent to close at 11,805.00.

The Dow Jones Industrial Average climbed 1.5 per cent to end the day at 32,196.66, while the broad-based S&P 500 jumped 2.4 per cent to 4,023.89.

Stocks were under pressure for most of the week as fresh data showing elevated inflation deepened expectations for aggressive action from the Federal Reserve as it tightens monetary policy.

Even with Friday's rally, all three major indices posted losses for the week.

Gregori Volokhine of Meeschaert Financial Services warned "it will take more than one session" to turn around the market, adding that there was no clear news catalyst for Friday's gains.

Stocks were in positive territory the entire trading day, finishing near session highs.

Large tech names, which have been under pressure for much of 2022, enjoyed outsized gains, with Amazon surging 5.7 per cent and Netflix 7.7 per cent.

Others with big gains included Starbucks, up 8.2 per cent, and chip company Micron, up 6.2 per cent.

But Twitter fell nearly 10 per cent after Tesla chief executive Elon Musk said his purchase of the social media company was "temporarily on hold."

Analysts generally interpreted Musk's messages as an attempt to pull out of the deal or to try to force a lower price.

He later tweeted that he was "still committed to acquisition."

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