U.S. stocks rallied for the fourth straight day on Friday despite the ongoing economic effects of the Ukraine war, a new COVID-19 variant in Israel, and surging COVID cases in Europe.
The S&P 500, which tracks the performance of the 500 largest companies listed on U.S. exchanges, notched its best week since November 2020, more than erasing all of the losses it incurred since the start of the war.
In an impressive showing this week, stocks also brushed off a Fed interest rate hike–and multiple calls by Fed officials for an even faster pace of rate hikes in the future.
The Dow Jones Industrial Average closed Friday up 0.8%, at 34,754, while the S&P 500 rose 1.2% to 4,463, and the tech-heavy Nasdaq jumped 2% to 13,893.
Market leaders on the day included tech companies like cloud-based software company Salesforce, up 4%, and the chip-maker Nvidia, up 6.8%.
Moderna also jumped over 6% to…
