Friday’s Dow, S&P 500 hits biggest gain in two weeks, but also suffers weekly losses

U.S. stocks surged Friday, but it wasn’t enough to prevent weekly losses in the S&P 500 and Dow as investors heard more from the Federal Reserve about the need to curb inflation.Dow Jones Industrial Shares Average DJIA,
+1.00%
S&P 500 Index SPX,
+1.89%
Nasdaq Composite Index COMP, up 1.9%
+2.66%
increased by 2.7%. This was his highest daily gain since Jan. 6, according to Dow Jones Market Data. The Dow is still down 2.7% for the week, the S&P 500 is down 0.7% and the Nasdaq is up 0.6%. Fed President Christopher Waller says it’s not time to stop rate hikes on Friday, but time to slow down, while New York Fed President John Williams said inflation is still “too high.” Netflix Inc. NFLX stock,
+8.46%
was up about 7.8% on Friday after reporting it had added millions of new subscribers. Interest-rate-sensitive stocks have rebounded slightly from lower long-term rates this year. The 10-year Treasury yield fell to 3.483% at 3:00 pm ET on Friday for the third straight week, down from its peak of 4.231% in October. We have a big lineup of earnings calls next week, including Microsoft Corporation MSFT.
+3.57%,
3M MMM,
+1.87%,
Tesla Inc. TSLA,
+4.91%,
Boeing BA,
-0.15%
and McDonald’s MCD,
+1.91%.