S&P 500 ends just below 4,000 market, stocks book sharp weekly gains
The S&P 500 closed higher Friday, nearly reclaiming the 4,000 market, in a stunning week of gains for the major U.S. equity benchmarks that saw buyers come out in force after inflation data for October showed signs of cost pressures finally slowing. The Dow Jones Industrial Average eked out a narrow gain of 0.01% Friday, ending about 33 points to near 33,749 and posting a 4.2% weekly gain. The S&P 500 index climbed 0.9% Friday for a 5.9% weekly gain. The Nasdaq Composite Index booked at 1.9% gain Friday and 8.1% weekly advance, its best week since mid-March, according to Dow Jones Market Data. The rally in stocks came after the annual rate of inflation was pegged at 7.7% in October, down from a high this summer of 9.1%. It was a tumultuous week, with results of Tuesday's midterm elections still being tallied on Friday, leaving control of the Senate in the balance. It also saw the stunning collapse of crypto-exchange FTX, which filed for bankruptcy protection in the U.S. ahead of the weekend after its sale to rival platform Binance fell apart. The crypto giant was once valued at $32 billion.
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