Stocks extend rally, notching biggest weekly gain since 2020

By DAMIAN J. TROISE and ALEX VEIGA
AP Business Writers

Stocks rose for a fourth day in a row Friday, closing out their biggest weekly gain since November 2020. The S&P 500 added 1.2%, bringing its weekly gain to 6.2%. The Nasdaq climbed 2% and the Dow Jones Industrial Average rose 0.8%. Investors have welcomed the long-expected pivot from the Federal Reserve from stimulating the economy to fighting inflation, which began this week with its first interest rate increase since 2018. The price of oil remains above $100 a barrel as investors monitor the ongoing Russian invasion of Ukraine. The yield on the 10-year Treasury note fell to 2.15%.