How major US stock indexes fared Friday, 7/28/2023

Wall Street got back to climbing following more encouraging profit reports and the latest signal that inflation is loosening its chokehold on the economy. The S&P 500 rose 1% Friday, marking its ninth winning week in the last 11. The Dow added 176 points, or 0.5%, and the Nasdaq climbed 1.9% as Big Tech stocks led the market. Stocks have been rallying recently on hopes high inflation is cooling enough to get the Federal Reserve to stop hiking interest rates. A report Friday said the Fed’s preferred measure of inflation slowed last month by a touch more than expected.