Stocks Ended Higher as Data Eased Inflation Fears

U.S. stocks closed sharply higher on Friday after weaker-than-expected U.S. wage growth helped to calm investor fears about rising interest rates and inflation. The Dow Jones Industrial Average rose 332.36 points, or 1.39%, to 24,262.51. The S&P 500 gained 33.69 points, or 1.28% to 2,663.42. The Nasdaq Composite added 121.47 points, or 1.71%, to 7,209.62. For the week, the Dow was down 0.2%, the S&P was down 0.3% and the Nasdaq was up by 1.2%.

Oil finished higher on Friday, posting a weekly gain, as growing concerns over the economic crisis in Venezuela and possible new sanctions against Iran raised the potential for tighter global crude supplies. June West Texas Intermediate crude oil rose $1.29, or 1.9%, to settle at $69.72 a barrel. The contract saw a 2.4% weekly gain. July Brent added $1.25, or 1.7%, to $74.87 a barrel. The contract ended 1.5% higher for the week.