U.S. stocks jumped on Friday led by technology shares and reopening trades, as Wall Street rebounded for a second day from steep losses earlier this week.

The S&P 500 gained 1.5% to 4,173.85. 

Stocks most exposed to the ongoing recovery jumped again Friday after the Centers for Disease Control and Prevention eased guidelines, saying that in most settings fully vaccinated people don’t need to wear masks indoors or outdoors.

The market’s volatility this week comes as economic data points to inflation. The Consumer Price Index jumped 4.2% from a year earlier in April, which was the fastest rate since 2008. This has sparked fears that the Federal Reserve could be forced to dial back its accommodative monetary policy.

Stocks advanced on Friday even after data showed consumer purchases slowed down last month. Advance retail sales were flat for April, the Commerce Department reported Friday. That compared to the Dow Jones estimate of a 0.8% gain and a 9.8% surge in March.

Stock futures were slightly lower in early morning trading on Monday following last week’s sell-off triggered by inflation jitters.

The tech-heavy Nasdaq Composite, the relative underperformer for the week, snapped back by 2.3% to 13,429.98.

Tech stocks were the biggest outperformers Friday. Tesla gained more than 3%. Facebook jumped 3.5%, while Alphabet and Microsoft rose more than 2%. Apple, Amazon and Netflix also all climbed over 1%.

The Fed’s minutes from its last meeting, which will be released Wednesday, could offer some clues on policymakers’ thinking on inflation.

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