Dow, S&P 500 on Friday post biggest gain in 2 weeks, but also weekly losses

U.S. stocks finished sharply higher on Friday, but not by enough to prevent weekly losses for the S&P 500 or Dow as investors heard more from the Federal Reserve on the need to tamp down inflation. The Dow Jones Industrial Average rose about 329 points, or 1%, to end near 33,374 on Friday, while the S&P 500 index gained 1.9% and the Nasdaq Composite Index closed up 2.7%. That was their best daily percentage gain since Jan. 6, according to Dow Jones Market Data. The Dow still shed 2.7% for the week, the S&P 500 lost 0.7% and the Nasdaq gained 0.6%. Fed Governor Christopher Waller said it's the time to slow, but not stop rate increased on Friday, while New York Fed President John Williams said inflation remains "far too high.". Shares of Netflix Inc. rose about 7.8% Friday after it reported gaining millions of new subscribers. Rate-sensitive stocks have gotten a slight reprieve this year from falling long-term interest rates. The 10-year Treasury rate fell for a third week in a row to 3.483% on Friday at 3 p.m. Eastern, down from a peak in October of 4.231%. There's a big lineup of earnings reports in store for next week, including from Microsoft Corp , 3M Co. , Tesla Inc. , Boeing Co. and McDonald's Corp. .

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