A dismal earnings report from Amazon.com (AMZN) couldn't stop stocks from rallying on Friday, as a refreshing batch of inflation and consumer spending data boosted sentiment on Wall Street. The Dow added over 800 points, settling at its highest level since Aug. 25 and scoring its sixth-straight daily win, as well as a fourth consecutive week of gains. The S&P 500 and Nasdaq finished sharply higher as well, each logging back-to-back weekly wins. Elsewhere, the Cboe Volatility Index (VIX) had its worst week since March and saw its lowest close since Sept. 19.

The Dow Jones Average (DJI - 32,861.80) added 828.5 points, or 2.3% for the day, and 5.7% for the week. Intel (INTC) led the gainers, adding 10.7%, while Dow (DOW) was the only stock in the red with a 0.3% drop.

The S&P 500 Index (SPX - 3,901.06) gained 93.8 points, or 2.5% for the day, and 4% for the week. Meanwhile, the Nasdaq Composite (IXIC - 11,102.45) rose 309.8 points, or 2.9% for the session, and 2.2% for the week.

Lastly, the Cboe Volatility Index (VIX - 25.76) shed 1.6 points, or 6% for the session, and 13.2% for the week.

OIL PRICES MOVE LOWER, STILL SEE WINNING WEEK

Oil prices moved lower on Friday, but still managed to close out the week with a 3.4% win. Energy demand fears contributed to today's losses, resurfacing following Covid-19 restrictions in China. December-dated crude fell $1.18, or 1.3%, to finish at $87.90 per barrel on the day.

Gold prices settled lower as well, and registered a weekly loss of 0.7% to boot. Traders are still unsure about the Federal Reserve's next moves, and how it will impact the safe-haven metal. For the day, December-dated gold shed $20.80, or about 1.3%, to finish at $1,644.60 an ounce.

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