Nasdaq jumps 2.3% as tech stocks lead a broad rally amid tempered inflation fears

Nasdaq jumps 2.3% as tech stocks lead a broad rally amid tempered inflation fears

Tech stocks led a broad-based rally on Friday, with investors driving the Nasdaq up by more than 2% as Federal Reserve officials said they will stay with monetary policies that support economic recovery, with more signs of such improvement arriving as the trading week wrapped up. Wall Street's benchmark indexes extended gains made Thursday that snapped a three-session losing streak. Apple, Tesla, and Facebook were among big tech names that advanced. All 11 sectors on the S&P 500 rose, led by the energy group. Here's where US indexes stood at 4 p.m. on Friday: Stocks marched higher even after somewhat downbeat economic data Friday. The Commerce Department said from more than 10% jump in March, missing expectations, and a consumer confidence reading from the University of Michigan unexpectedly fell on inflation worries. "I think the lackluster readings have a lot to do with short-term factors and the market is looking through that," Rob Haworth, senior investment strategy director at US Bank Wealth Management in Seattle, told Insider on Friday."It's looking at a change in CDC guidance," that loosens restrictions on mask-wearing, "and it's still looking at getting to reopenings and what that next wave of activity may be." The miss