Stocks rallied on Friday as lighter-than-expected inflation data throughout the week lifted Wall Street higher. The tech-heavy Nasdaq Composite outperformed, rising over 2% and closing above 13,000 for the first time since April 25. The Dow Jones Industrial Average climbed over 400 points, while the S&P 500 jumped over 1%.

Here's how the market settled to close out the week:

S&P 500 Index (SPY  ): +1.73% or +72.88 points to 4,280.15

Dow Jones Industrial Average (DIA  ): +1.27% or +424.38 points to 33,761.05

Nasdaq Composite Index (QQQ  ): +2.09% or +267.27 points to 13,047.19

The S&P 500 rose 3.25% for the week and marking its longest weekly winning streak since November 2021. The Dow and Nasdaq Composite were also up about 3% for the week, and the Nasdaq posted its fourth positive week in a row.

Wall Street was boosted by multiple inflation reports showing that inflationary pressures are beginning to ease across the economy. On Wednesday, the consumer price index (CPI) showed prices remained flat over the month and rose by a less-than-expected 8.5% annually. Meanwhile, the producer price index (PPI) on Thursday showed prices fell 0.5% in July compared to June when they were expected to rise by 0.2%.

On Friday, the University of Michigan's preliminary consumer sentiment index reading for August ticked up to 55.1 from 51.5 in July and above the record low of 50 set in June. Much of that confidence was boosted by declined in energy prices, as the national average gas prices have fallen over the past 59 days to dip below $4 a gallon on Thursday, according to AAA data.

However, Citi (C  ) said in a note to clients late Thursday that it is too early to tell if the Federal Reserve will pivot from its more aggressive monetary policy in the wake of some inflation cooling.

"The levels of inflation are still eyewatering, and the labor market is still uber-tight, so the Fed will want to keep going until inflation is back to target of the labor market breaks," said strategist Jamie Fahy, quoted by CNBC. "Therefore, upcoming labor market data needs to e very weak and CPI needs to see another big miss in order for the Fed to start its victory lap."

Elsewhere, Apple (AAPL  ) was in the spotlight after a Bloomberg report said the company expected to maintain iPhone sales in 2022 despite a market slowdown, citing sources familiar with the matter. The tech giant projects to assemble about 200 million iPhones this year, according to Bloomberg.