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S&P 500 rises 4th straight week, Nasdaq posts longest streak since November

S&P 500 rises 4th straight week, Nasdaq posts longest streak since November
Slowdown in inflation leads to investors' positive sentiment that Fed could start to slow pace of rate hikes

By Ovunc Kutlu

ANKARA (AA) - US stocks closed higher on Friday as the S&P 500 recorded its fourth straight weekly gain and the Nasdaq logged its longest-winning weekly streak since November.

The tech-heavy Nasdaq jumped 267 points, or 2.1%, to close at 13,047.

The S&P 500 rose 72 points, or 1.7%, to 4,280.

The blue-chip Dow Jones soared 424 points, or 1.27%, to finish at 33,761.

The stock exchanges have been on the rise since mid-week when consumer and producer price figures showed softening in inflation.

The slowdown leads to investors' positive sentiment that the US Federal Reserve could start to slow the pace of rate hikes in coming months.

The VIX volatility index, also known as the fear index, fell 3.3% to 19.53. The 10-year US Treasury yield was also down 1.6% to 2.840%.

While the dollar index rose 0.5% to 105.67, the euro declined 0.6% to $1.0257 against the dollar.

Precious metals were on the rise, with gold adding 0.6% to $1,800 and silver increasing 2.4% to $20.80.

Global oil benchmark Brent crude was at $97.91 per barrel for a 1.7% loss, while US benchmark West Texas Intermediate (WTI) was at $91.90 -- a 2.6% decrease.

source: News Feed
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