Wall Street Rallies, Snaps Longest Weekly Losing Streak in Decades

A Wall Street sign outside the New York Stock Exchange in the Manhattan borough of New York, on April 16, 2021. Carlo Allegri/Reuters

NEW YORK—Wall Street closed sharply higher on Friday as signs of peaking inflation and consumer resiliency sent investors into the long holiday weekend with growing optimism that the Federal Reserve will be able to tighten monetary policy without tipping the economy into recession.

All three major U.S. stock indexes brought a decisive end to their longest weekly losing streaks in decades.