Markets push winning streak to fourth week

Wall Street capped a choppy week of trading with a broad stock market rally Friday as the S&P 500 notched its fourth consecutive weekly gain.

Technology stocks drove much the rally. Crude oil prices fell and bond yields were mixed.

The S&P 500 rose 72.88 points to 4,280.15, while the Dow gained 424.38 points to 33,761.05. The Nasdaq added 267.27 points to 13,047.19. The Russell 2000 rose 41.36 points to 2,016.62.

About 95% of the stocks in the S&P 500 rose, with technology companies driving much of the rally. Chipmaker Nvidia rose 4.3%.

The central bank has been raising interest rates in the hopes of slowing the economy and cooling the hottest inflation in four decades, but investors are worried that it could hit the brakes too aggressively and steer the economy into a recession.

Friday, a survey by the University of Michigan showed that consumer sentiment is stronger than economists expected. Still, inflation remains painfully high. That means the Fed is likely to remain on course with its rate hikes until it is certain that prices have peaked and are easing.

The Fed's last two increases were by 0.75 percentage points. Traders now see about a 60% chance that the central bank will raise overnight interest rates by half a percentage point at its next meeting.

“The market's strength is based on the assumption that inflation peaked and the Fed can relax, but that may be a bit too complacent,” said Liz Ann Sonders, chief investment strategist at Charles Schwab.

The yield on the 10-year Treasury fell to 2.84% from 2.88% late Thursday.