U.S. stocks rally, notching weekly gains

NEW YORK, Aug. 12 (Xinhua) -- U.S. stocks jumped on Friday as consumer and tech shares led the broad market higher.

The Dow Jones Industrial Average increased 424.38 points, or 1.27 percent, to 33,761.05. The S&P 500 was up 72.88 points, or 1.73 percent, to 4,280.15. The Nasdaq Composite Index rose 267.28 points, or 2.09 percent, to 13,047.19.

All the 11 primary S&P 500 sectors ended in green, with consumer discretionary and technology up 2.3 percent and 2.07 percent, respectively, leading the gains.

For the week, the Dow rose 2.9 percent, the S&P 500 advanced 3.3 percent and the tech-heavy Nasdaq Composite gained 3.1 percent.

Wall Street cheered signs of moderating inflation as the U.S. consumer price index (CPI) and producer price index (PPI) for July came in weaker than expected.

"While both the PPI and CPI reports were encouraging; going from a 41-year high inflation rate to a near 40-year high inflation rate is not that big of a deal," Kevin Matras, executive vice president at Zacks Investment Research, said Friday in a note.

"Given recent comments by the Fed that they are serious about bringing down inflation to the 2 percent level, it shows they have lots of work to do, as well as plenty more rate hikes," he said.

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