Stocks rebound to close higher but Dow down for the week

NEW YORK, May 24 - U.S. stocks rebounded on Friday from sharp losses the day before on news of an improving consumer outlook on inflation, sending the Nasdaq to a fifth straight week of gains and record closing high.

"This is a bounce where people are like maybe things aren't as bad as we thought, maybe there's room for the Fed to cut rates and the economy's going to be OK, and we're not completely falling apart." U.S. stocks dropped on Thursday as economic data indicating rising price pressures tempered expectations for rate cuts this year from the Federal Reserve. This overshadowed Nvidia's , opens new tab blowout quarterly results that helped justify investor expectations for growth in artificial intelligence related stocks.

Small-cap stocks, sensitive to interest rates, also rebounded, with the Russell 2000 , opens new tab rising 1.04% after tumbling 1.6% on Thursday. With earnings season largely wrapped up, 77.9% of the 480 companies in the S&P 500 that have reported earnings have topped analysts' expectations, LSEG data showed. That is just shy of the 79% beat rate over the past four quarters but above the 67% average since 1994.

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