By Yasin Ebrahim

Investing.com – The S&P 500 notched a second-weekly win Friday as late-buying in tech propelled the broader market into the green, shrugging off fresh worries about an oil-fueled rise inflation. 

While the rose by 0.49%, it was up 0.444% or 153 points. The dropped 0.16%.

The sector ended well above its session lows, thanks to a rebound in Treasury yields due to expectations that the Federal Reserve would move aggressively to increase rates to curb inflation.  

Apple (NASDAQ:)  Alphabet (NASDAQ:), Amazon (NASDAQ:), Meta Platforms (NASDAQ:) found support to end in the green, while Microsoft (NASDAQ:) was the exception closing below the flatline, though well off session lows. 

U.S. Treasury yields climbed, the 10-year yield reaching 2.5% shortly after it had been at that level for nearly three years. Wall Street is betting on Fed rate increases at future meetings.Morgan Stanley said in a note 

“We now look for the Fed to raise rates by 50bp at both its May and June meetings, with 25bp rate hikes penciled in for each meeting over the balance of the year,” {Morgan Stanley said in a note}.

A turnaround in oil prices added to inflation jitters following reports that Iran-backed Houthi missile hit an Aramco (SE:) oil facility in Saudi Arabia.

This news increased supply worries and reaffirmed optimism that was lost when the EU could not reach a consensus to join the U.S. ban on Russian oil imports. 

In the wake of red-hot inflation, the consumer, the backbone of the U.S. economy, continues to grow wary, with many keeping a closer eye on whether spending is likely to be reined in. 

The University of Michigan’s showed U.S. consumer sentiment deteriorated further in late March, falling to a reading of 59.4 from 59.7 earlier in the month.

The banking stocks that benefit from rising rates and higher returns for loan products were strongly up. These gains were led by Comerica, Zions (NASDAQ) and Lincoln National.

Another cyclical market corner played an important role in driving up the overall market. Industrials were also supported by an Alaska Air (NYSE:)-led rise in airline stock prices.

Alaska Air Group rose more than 1% after Bank of America backed the airline’s financial outlook, saying it was confident the low-cost airline can top the prior high single digit pre-tax margin expectation and reach its new long term target of 11% to 13%. American Airlines (NASDAQ;) and Delta Air Lines NYSE: also finished the day with higher than 1%.

In other news,  cannabis stocks surged, led by Tilray (NASDAQ:) and Aurora Cannabis (NASDAQ:) as the House of Representatives is set to vote on a bill to federally legalize marijuana next week. An earlier version of the bill passed the House in December 2020 but did not make it to the Senate.