US STOCKS-Wall Street ends tumultuous week with broad rally


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    By Stephen Culp
    NEW YORK, May 13 (Reuters) - Wall Street rallied to end
higher on Friday, capping a week of wild market gyrations as
relief at signs of peaking inflation vied with fears that policy
tightening by the Federal Reserve could tilt the economy into
    Gains were led by a rebound in megacap tech and
tech-adjacent stocks, which sold off in recent sessions amid
climbing benchmark Treasury yields and the possibility of the
Fed hiking interest rates more aggressively than previously
    Despite the day's gains, the S&P 500 and the Nasdaq posted
their sixth consecutive weekly loss, the longest losing streak
since fall 2012 for the S&P 500 and since spring 2011 for the
    The Dow notched its seventh consecutive weekly dip, the blue
chip average's longest losing streak since late winter of 1980.
    "Is this a dead cat bounce? Or is it a recognition by
investors, as I believe, that the sell off is overdone?" said
Oliver Pursche, senior vice president at Wealthspire Advisors,
in New York. 
    "I would not be surprised if we see one or two more down
weeks, but you have to look past the indices and see the
underpinnings of the market," Pursche added. "And what we’re
seeing today is some of the beaten-up quality names are really
rebounding sharply."
    In the past six trading days, the Labor Department delivered
four economic reports - wage growth, CPI, PPI and import prices
- which together suggested inflation hit its apex in March,
welcome news for market participants worried the Fed could spark
a recession with its upcoming spate of inflation-fighting
interest rate hikes.
    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.*:nL2N2X433H
    Powell "demonstrated a humility and seriousness at the same
time," said Peter Tuz, president of Chase Investment Counsel in
Charlottesville, Virginia. "He's committing to getting this
inflation under control, even if he admits it’s going to be
somewhat painful."
    According to preliminary data, the S&P 500
 .SPX  gained 94.57 points, or 2.41%, to end at 4,024.65 points,
while the Nasdaq Composite  .IXIC  gained 436.61 points, or
3.84%, to 11,807.57. The Dow Jones Industrial Average
 .DJI  rose 466.43 points, or 1.47%, to 32,196.73.
    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 after Elon Musk
tweeted 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.*:nL3N2X520W
    Tesla Inc  TSLA.O  jumped following the tweet.
    Trading platform Robinhood Markets Inc  HOOD.O  surged after
Samuel Bankman-Fried, the chief executive and founder of
cryptocurrency exchange FTX, revealed a 7.6% stake in the
brokerage app company.*:nL2N2X434I
    Warren Buffett's Berkshire Hathaway  BRKa.N  disclosed
buying more shares of Occidental Petroleum  OXY.N , sending the
oil company's shares higher.*:nL2N2X50YB

 (Reporting by Stephen Culp; additional reporting by Devik Jain,
Bansari Mayur Kamdar in Bengaluru; Editing by David Gregorio)
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