Stock market closes week on a high, DOW jumps over 800 points

The indices posted major losses last week when the Federal Reserve announced an interest rate hike to combat inflation

Updated: June 24, 2022 - 4:32pm

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The stock closed out the week on a high note Friday, with the Dow Jones industrial average posting a considerable 823 point gain, marking a 2.68% increase in the index's value.

The Nasdaq Composite Index soared 375 points for an even more impressive 3.34% gain while the S&P 500 gained 116 points for a 3.06% increase.

The Friday closing ends a steady week of gains across the major indices and snaps what had been a near month-long losing streak for investors. The indices posted major losses last week when the Federal Reserve announced an interest rate hike to combat inflation, which has seen consumer prices rise by 8.6% in the past 12 months.

Friday's market surge in particular, comes amid news of the Supreme Court's overturn of the landmark Roe v. Wade abortion precedent and Congress' passage of a compromise gun control bill.