Best week for Dow, S&P 500 since Nov. 2020 | Key inflation measure rose 4.9% in April | Oversold stocks due for a bounce

All of the major averages continued their rally on Friday, ending lengthy losing streaks.

VIEW IN BROWSER | SUBSCRIBE FRI, MAY 27, 2022 EVENING BRIEF AS OF FRI, MAY 27, 2022 • 05:03 ET DJIA 33212.96 +1.76% +575.77 S&P 500 4158.24 +2.47% +100.40 NASDAQ 12131.13 +3.33% +390.48 Most Active DOW NAME LAST CHG %CHG AAPL 149.64 +5.86 +4.08% INTC 44.55 +1.07 +2.46% MSFT 273.24 +7.34 +2.76% S&P 500 NAME LAST CHG %CHG AMD 102.26 +3.51 +3.55% AAPL 149.64 +5.86 +4.08% NVDA 188.11 +9.60 +5.38% NASDAQ NAME LAST CHG %CHG AMD 102.26 +3.51 +3.55% AAPL 149.64 +5.86 +4.08% NVDA 188.11 +9.60 +5.38% EDITOR'S NOTE All three of the major averages continued their rally on Friday, hitting their highs into the close and ending their weekslong losing streaks. The Dow Jones Industrial Average and S&P 500 finished their best week since November 2020.   The Dow ended the week up 6.2%, after eight straight down weeks, its longest losing streak since 1923. The S&P 500 and Nasdaq Composite both ended seven consecutive weeks of losses.   Retail earnings and tech stocks continued to drive the market action, with Ulta Beauty and Autodesk among the top performers. After what appeared to be a dubious start to the trading session Friday, key inflation data put stocks back in the green, where they remained for the rest of the day. Equities have also benefited from a drop in the benchmark 10-year U.S. Treasury yield, which has fallen from a high earlier in the year of above 3% to below 2.75% this week.   Investors cheered the rally but remained apprehensive about its longevity. While some are tempering expectations and calling it a bear market bounce, others are hopeful inflation may be peaking or recession fears have been overblown.   Despite Friday's gains, the major averages are still well off their highs. The Dow sits about 10% from its record. The S&P 500, which has come far from last week when it briefly dipped into a bear market, is now just 13.7% from its high. The Nasdaq, still deep in a bear market, is 25% below its record. Tanaya Macheel | Markets and Investing Reporter @tanayamac Watch our live stream for all you need to know to invest smarter. TOP NEWS  S&P 500, Dow snap losing streaks for best week since November 2020 Waiting to confront Texas school shooter was 'the wrong decision,' police admit along with string of other failures The Fed's favorite inflation measure rose 4.9% in April in a sign that price increases could be slowing U.S. may send long-range rocket systems to Ukraine; Russia captures more villages in Donbas As Biden administration leans toward $10,000 in student loan forgiveness, advocates push back Goldman says signs that inflation is peaking could be positive for stocks Record high Memorial Day gas prices are stinging consumers and impacting travel These deeply oversold stocks could be due for a pop as market rebounds Insider buying is surging. What investors need to know and why it may not signal a market bottom Twitter director Egon Durban won't leave the board after shareholders voted to boot him TOP VIDEO I think we're gonna get a gas price reprieve in June, says Opis Global's Tom Kloza CNBC PRO Tech workers' company shares slid in 2022 – and so has their wealth. Three steps they can take SPECIAL REPORTS Memorial Day weekend car shopping is looking 'pretty bleak.' Here's what to expect This is what's next for Terra as the failed crypto project attempts a new path forward Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS