NEW YORK -U.S. stocks closed higher on Friday, buoyed by a rally in megacap growth stocks following robust quarterly results from technology heavyweights Alphabet adoption across its cloud services.The S&P 500 and the Nasdaq registered their biggest weekly percentage gains since early November 2023. Benchmark S&P 500 snapped three weeks of losses, while the Nasdaq ended four straight weeks of declines.
U.S. Commerce Department data showed monthly inflation rose moderately in March on an annual basis while coming in line with estimates on a monthly basis. Advancing issues outnumbered decliners by a 2.25-to-1 ratio on the NYSE. On the Nasdaq, 2,685 stocks rose and 1,460 fell as advancing issues outnumbered decliners by a 1.84-to-1 ratio.
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