Stock close higher, S&P 500 has best week since February

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Stocks ended mostly higher Friday, helping the S&P 500 index close out its best week since February. It’s a notable turnaround for the market, which only the previous week had its worst week since February on concerns about inflation.

The S&P 500 index closed up 14.21 points, or 0.3%, to 4,280.70. The Dow Jones Industrial Average rose 237.02 points, or 0.7%, to 34,433.84 and the Nasdaq Composite lost 9.32 points, or 0.1%, to 14,360.39. With Friday’s gains, the S&P 500 index ended the week up 2.7%, its best five-day period since Feb. 5 .

The Dow’s gains were driven by a surge in Nike, which reported blowout earnings late Thursday and gave investors a strong outlook for the year. Nike rose 15.5%.

Markets have calmed since the Federal Reserve surprised investors last week by saying it could start raising short-term interest rates by late 2023, earlier than expected, if recent high inflation persists. The calming of investors’ nerves has largely…

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