The major averages rose once again as the S&P 500 closed out its best week since June as a report showing slowing inflation on Thursday raised hopes that the Federal Reserve would soon slow its tightening campaign. The broader market index added 36 points or 0.9%, bringing its gain for the week to 5.9%, its best week since the one ended June 24 of this year. The Nasdaq Composite added 209 points or 1.9% as investors snapped up tech shares on hopes interest rates would ease. The Dow Jones Industrial Average gained 32 points or 0.1%. The Dow jumped more than 1,200 points on Thursday following a smaller-than-expected rise in consumer prices for the month of October, giving investors hope that inflation may be cooling. The S&P rose 5.5%, and the Nasdaq Composite surged about 7.4%. It was the best day since 2020 for all three.

Treasury yields plunged Thursday on the back of the weaker-than-expected inflation print. The 10-year Treasury yield was at 3.82% after ending last week at 4.16%.

Tech stocks on Friday shook off a decline in cryptocurrencies, which came under pressure Friday after FTX announced it's filing for bankruptcy, and CEO Sam Bankman-Fried resigned. Bitcoin fell 5%, and ether declined more than 3%. Still, tech stocks and related crypto stocks rebounded after opening lower Friday. Shares of Amazon was up more than 4%, while Google-parent Alphabet was roughly 3% higher.

Stocks with a high exposure to China popped after Beijing said it would lift some Covid restrictions, shortening quarantine time for international travelers by two days. Casino stocks Wynn Resorts and Las Vegas Sands were more than 8% and 6% higher, respectively.

Aerospace and defense stocks take big leg lower Friday on Ukraine success and BoA downgrade. Ukraine successfully reoccupied the regional capital Kherson, and the Chairman of the Joint Chiefs of Staff General Mark Milley said, "We think there are some possibilities here for some diplomatic solutions."