Equities Post Best Week for Months

The S&P 500 continued climbing Friday after a three-day rally for the equity benchmark that put it on pace for its biggest weekly gain in more than a year.

The Dow Jones Industrials ran its win streak to five Friday, gaining 274.17 points at 34,754.93, and ending the week 5.4% higher

The much-broader index added 51.45 points, or 1.2%, to 4,463.12, ahead 5.5% over the last five sessions.

The NASDAQ Composite jumped 279.06 points, or 2.1%, to 13,893.84, popping 8.1% on the week.

All of the major averages finished their best week since November 2020.

On Friday tech stocks led the market higher. Salesforce advanced 3.9% and Apple gained 2%, as the two biggest gainers on the market. Twitter gained 3.9% and Paycom and Fortinet each advanced 3%.

Shares of Moderna rose 4.4% as the company seeks FDA approval for a second COVID-19 booster shot for adults 18 years or older.
Friday’s moves come as traders continued to digest the latest developments in the Ukraine-Russia war.

U.S. President Joe Biden spoke with Chinese President Xi Jinping on Friday to discuss Russia’s invasion of Ukraine and Xi told Biden that the United States and China each had an obligation to promote peace.

Russia has made requests for military or economic aid from China and the call was seen as a critical test of whether Biden can convince China to stay on the sidelines of the conflict.

Several missiles hit an aircraft repair center on the outskirts Lviv in western Ukraine. Meanwhile, U.S. President Joe Biden is slated to speak with Chinese President Xi Jinping to discuss the conflict. A Ukrainian official also said one person was killed in an airstrike that hit Kyiv.

Treasury prices gained ground, dropping yields to 2.15% from Thursday’s 2.20%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.42 to $104.40 U.S. a barrel.

Gold prices fell $22.80 to $1,920.50 U.S. an ounce.