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Wall Street breaks 7-week losing streak, ending its longest one since 2001

Financial Markets Wall Street
Posted at 1:54 PM, May 27, 2022
and last updated 2022-05-27 17:09:36-04

Stocks rose on Wall Street Friday and closed higher for the week, breaking a seven-week losing streak, the longest such stretch since 2001.

The S&P 500 rose 2.5%, increasing its gain for the week to 6.6%. That's the biggest weekly gain for the benchmark index since November 2020. Technology stocks were a big factor pushing the market higher. That sent the Nasdaq composite up 3.3%. The Dow Jones Industrial Average rose 1.8%. Retailers also made solid gains.

The yield on the 10-year Treasury note, which helps set mortgage rates, slipped to 2.74%. U.S. crude oil prices rose.

Retailers were among the biggest gainers on Friday as investors continued reviewing the latest round of earnings to get a better sense of just how much pain rising inflation is inflicting on businesses and consumers. Beauty products company Ulta Beauty surged 12.5% for the biggest gain in the S&P 500 after raising its profit forecast for the year. Amazon rose 3.7%, the Associated Press reported.