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    * Twitter drops as Musk puts purchase deal on hold
    * All major indexes on course for steep weekly losses
    * Indexes up: Dow 0.5%, S&P 1.38%, Nasdaq 2.67%

 (New throughout, updates prices, market activity and comments;
new byline, adds NEW YORK dateline)
    By Stephen Culp
    NEW YORK, May 13 (Reuters) - Wall Street rallied on Friday,
ending a week of wild market gyrations marked by signs of
peaking inflation and worries that the Federal Reserve might
tighten policy too aggressively.
    Rebounding megacap tech and tech-adjacent growth stocks led
the market higher. These shares thrived when interest rates were
low and Fed policy accommodative during the pandemic, but they
sold off in recent sessions.
    Despite the gains, the S&P 500 and the Nasdaq were on course
to post their sixth consecutive weekly loss. It would be the
longest losing streak for the S&P 500 since fall 2012 and for
the Nasdaq since spring 2011. 
    The Dow was on course for its seventh consecutive weekly
dip, the blue chip average's longest losing streak since late
winter of 1980.
    "It's a pretty bleak past couple of months, we're at or very
close to bear market territory for just about every major
index," said Peter Tuz, president of Chase Investment Counsel in
Charlottesville, Virginia. "It's too early to tell whether we’re
approaching a bottom and at least stabilizing."
    In the past six trading days, the Labor Department delivered
four economic reports suggesting inflation hit its apex in
March, welcome news for market participants worried that the
Fed's upcoming spate of inflation-fighting interest rate hikes
could spark a recession.
    Fed Chairman Jerome Powell, confirmed on Thursday by the
U.S. Senate to a second term, reiterated the central bank's
determination to battle inflation, but said he believes the
economy can avoid a serious downturn.  urn:newsml:reuters.com:*:nL2N2X433H
    Powell "demonstrated a humility and seriousness at the same
time," Tuz said. "He's committing to getting this inflation
under control, even if he admits it’s going to be somewhat
painful."
    The Dow Jones Industrial Average  .DJI  rose 160.15 points,
or 0.5%, to 31,890.45, the S&P 500  .SPX  gained 54.19 points,
or 1.38%, to 3,984.27 and the Nasdaq Composite  .IXIC  added
303.40 points, or 2.67%, to 11,674.36.
    Among the 11 major sectors of the S&P 500, consumer
discretionary stocks  .SPLRCD  enjoyed the largest percentage
gain.
    First-quarter reporting season has reached the final
stretch, with 458 companies in the S&P 500 having reported. Of
those, 78% have delivered consensus beating results, according
to Refinitiv.
    For the first three months of the year, analysts now see
aggregate year-on-year S&P 500 earnings growth of 11.1%, up from
6.4% at quarter-end, per Refinitiv.
    Shares of Twitter Inc  TWTR.K  dropped 9.8% following Elon
Musk's tweet that he had put the $44 billion cash buyout deal on
hold, as he waits for the social media company to provide data
on fake accounts.  urn:newsml:reuters.com:*:nL3N2X520W
    Tesla Inc  TSLA.O  jumped 4.9%.
    Trading platform Robinhood Markets Inc  HOOD.O  surged 23.0%
after Samuel Bankman-Fried, the chief executive and founder of
cryptocurrency exchange FTX, revealed a 7.6% stake in the
brokerage app company.  urn:newsml:reuters.com:*:nL2N2X434I
    Warren Buffett's Berkshire Hathaway  BRKa.N  disclosed
buying more shares of Occidental Petroleum  OXY.N , sending the
oil company's shares up 6.2%.  urn:newsml:reuters.com:*:nL2N2X50YB
    Advancing issues outnumbered declining ones on the NYSE by a
3.37-to-1 ratio; on Nasdaq, a 2.94-to-1 ratio favored advancers.
    The S&P 500 posted one new 52-week high and 30 new lows; the
Nasdaq Composite recorded nine new highs and 257 new lows.  

 (Reporting by Stephen Culp; additional reporting by Devik Jain,
Bansari Mayur Kamdar in Bengaluru; Editing by David Gregorio)
 ((stephen.culp@thomsonreuters.com; 646-223-6076;))