The S&P 500 extended a recent stretch of daily gains and snapped a seven-week losing streak. The Dow and S&P had their best weeks since 2020.
Sector warns ‘multiyear’ assault on profits will ‘drive away investors’ and cut production.
European shares marked their best week since mid-March, ending Friday on a strong note as upbeat U.S. data and easing bets about aggressive interest rate hikes lifted sentiment. The pan-European STOXX 600 index rose for a third straight session, closing up 1.5%, taking weekly gains to 3%. Technology stocks led gains among sectors, up 3.3%, while industrials and luxury stocks were among the biggest boosts to the STOXX 600.