U.S. stocks soared Friday as a rally fueled by lighter-than-expected inflation data this week helped equity markets log their longest winning streak since November 2021.
Tech stocks again led gains, with the Nasdaq up 2.1% and closing above 13,000 for the first time since April 25. The S&P 500 jumped 1.7% as the benchmark index registered a fourth-straight weekly gain, and the Dow Jones Industrial Average surged 420 points, or roughly 1.3%.
Apple (AAPL) shares gained 2% following a Bloomberg News report that indicated the tech giant expects to sustain iPhone sales in 2022 despite a market slowdown. The company projects it will assemble roughly 220 million iPhones in total this year, per Bloomberg, which cited people familiar with the matter. Apple’s sales and production expectations are typically a closely-guarded secret.
Electric-vehicle maker Rivian Automotive (RIVN) was on watch after the company on Thursday reported a wider-than-expected loss for the second quarter but maintained its production outlook for the rest of the year. Shares closed slightly lower after paring losses from a sharper drop earlier in the session.
An employee arranges Apple iPhones as customer shop at the Apple Store on 5th Avenue shortly after new products went on sale in Manhattan, in New York City, New York, U.S., March 18, 2022. REUTERS/Mike Segar
Economic data in recent days has reassured investors that inflationary pressures are beginning to cool across the economy after climbing at a steady pace since early 2021. The producer price index (PPI) on Thursday showed prices fell 0.5% from the prior month compared to expectations of a 0.2% increase. On Wednesday, the consumer price index (CPI) showed prices stayed flat over the month and rose a less-than-expected 8.5% annually.
On the heels of lighter prints for consumer and producer prices, a reading on U.S. import prices out Friday reflected their first decline in seven months in July, according to data from the Labor Department. Import prices fell by a better-than-expected 1.4% last month after rising 0.3% in June, the largest monthly…