By Yasin Ebrahim

Investing.com — Friday’s Dow jump was a result of economic data that pointed to cooling inflation, strength in consumers and big bets made on tech growth. This helped end the longest losing streak for the market since 1932. 

The gained 1.8%, or 576 points, the was up 3.3%, and the  rose 2%.

Inflation in the twelve months to April was slower than 3.2% in March’s core personal consumption expenditures price index (or PCE) which excludes energy.

Inflation is slowing, but data showing that consumers are still spending resiliently has renewed investor optimism after mixed quarterly results were reported by retailers.

However, economists warned that although strong spending will keep the economy healthy, it is likely that inflation will struggle to stabilize its pace. The Fed would be under pressure to continue raising interest rates.

“In response, the Fed will have to more aggressively rein in demand to align with a supply-constrained economy,” Diane Swonk at Grant Thornton said in a note.

These latest quarterly results continue to paint a mixed picture of consumers, with lower incomes being squeezed due to rising costs.

Gap (NYSE -) said that analysts missed their forecasts. They also gave a dire outlook for 2015 after reducing guidance regarding growth. The shares increased by more than 3 percent after it cut its early-day losses.

Gap “suffered from inventory imbalances along with having exposure to the lower income consumer,” Deutsche Bank said in a note after cutting its price target on the retailer to $12 from $17 a share.

Ulta Beauty, NASDAQ:, meanwhile, has raised its outlook to the entire year following reporting that it beat Wall Street estimates. It sent its shares over 11% higher.

“We believe ULTA has set an achievable (if not beatable) guidance following a strong 1Q’22 results,” UBS said.

Tech also looks poised for seven weeks without losses and has continued to gain, led Apple (NASDAQ;) and Google, as well as strong performance in the chip stocks.

Marvell Technology (NASDAQ:) reported that beat analysts’ forecasts on both the top and bottom lines as growing demand for data centers, 5G and electric vehicles bolstered growth. The shares rose more than 6 percent.