The major averages closed higher to end the week led by the big tech names Alphabet and Microsoft leading the rally on strong earnings even as traders review the new U.S. inflation data. The Dow Jones Industrial Average rose 153 points or 0.4%. The S&P 500 rose 51 points or 1% while the Nasdaq rose 316 points or 2%.

Shares of Alphabet jumped 10% following better-than-expected first-quarter earnings, its best day since July 2015. The company also authorized its first-ever dividend and a $70 billion buyback. Microsoft rose 2% on strong fiscal third-quarter results. In the tech space, Intel fell 9% after lowering guidance for the second quarter. The rest of the chip space was strong. KLA Tencor rose 5% on better than expected earnings.

Other stocks reporting earnings included Exxon Mobil, Chevron, Auto Nation, Colgate, T-Mobile, Capital One, Gilead Science, Merck and Snap. Snap is another diamond up 23% on a strong forecast.

The price of oil was modestly higher, but Chevron and Exxon were lower on earnings. Exxon was down 3% on lower natural gas prices and lower refining margins.

Interest rates pulled back a little as the March's core personal consumption expenditures reading, excluding food and energy, rose 2.8% from a year ago, ahead of the 2.7% expected by Dow Jones. Personal spending rose 0.8% and ahead of a 0.7% estimate.

Ite was a volatile week for the major averages, but they did close higher. The S&P and Nasdaq had their best week since November. The S&P popped 2.7% to snap a three-week losing streak, while the Nasdaq gained 4.2% for its first positive week in five. The Dow edged up 0.7%.