Wall Street rallied amid hopes inflation may continue to cool and the Federal Reserve may ease up on its interest rate hikes following some mixed readings on the U.S. economy.

The S&P 500 shook off a shaky start and closed 2.3% higher Friday, marking its first winning week in the last five. The Dow Jones Industrial Average and the Nasdaq composite also closed with solid gains.

Reports showed that gains for workers’ wages slowed unexpectedly last month, which could reduce the pressure on inflation. So could a separate report that showed activity for U.S. services businesses contracted. Treasury yields fell.

On Friday:

The S&P 500 rose 86.98 points, or 2.3%, to 3,895.08.

The Dow Jones Industrial Average rose 700.53 points, or 2.1%, to 33,630.61.

The Nasdaq rose 264.05 points, or 2.6%, to 10,569.29.

The Russell 2000 index of smaller companies rose 39.61 points, or 2.3%, to 1,792.80.

For the week:

The S&P 500 is up 55.58 points, or 1.4%.

The Dow is up 483.36 points, or 1.5%.

The Nasdaq is up 102.81 points, or 1%.

The Russell 2000 is up 31.55 points, or 1.8%.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.