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S&P 500 in Record Close, Propelling US Stocks to Biggest Week Since January

S&P 500 in Record Close, Propelling US Stocks to Biggest Week Since January

Wall Street had its biggest weekly rally since January, with the key S&P 500 index closing at a record high, as US stocks rebounded forcefully from losses of recent weeks triggered by fears about the coronavirus Omicron variant.

The equity market comeback was particularly remarkable considering that it occurred on the same day that the Labor Department reported that US consumer prices were up their most since 1982, reinforcing worries that the Federal Reserve might have to raise interest rates by the first quarter of next year itself instead of later in 2022.

“Despite today's rebound, consumer sentiment still looks vulnerable and will likely struggle if these widespread price increases continue,” Ed Moya, head of the US research at online trading platform OANDA, said.

The S&P 500, an index of the top 500 stocks, rose 44 points, or 0.9%, for a record high close of 4,711. The S&P’s all-time high for a session was 4,744, a level attained in November. For the week, the index gained 3.8%, its most for a week since January.

The Dow Jones Industrial Average, which contains mostly industrial stocks, finished up 216 points, or 0.6%, at 35,971. For the week, the Dow rose 4%.

The Nasdaq Composite index, that groups Big Tech names such as Facebook, Apple, Amazon, Netflix and Google, gained 113 points, or 0.7%, to settle at 15,630.60. The Nasdaq gained 3.6% for the week.

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