Stocks moved higher last week as inflation jitters gave way to investor enthusiasm over Middle East diplomatic efforts and the largest-ever initial public offering (IPO). The Standard & Poor’s 500 Index rose 0.65 percent, while the Nasdaq Composite Index advanced 0.70 percent. The Dow Jones Industrial Average gained 0.66 percent.

Stocks declined last week as investors weighed the risk of oil-driven inflation and concerns that stronger-than-expected employment data could keep interest rates higher for longer. The Dow Jones Industrial Average fell 0.32%, the S&P 500 dropped 2.59% and the Nasdaq Composite led losses, sliding 4.68%.

Stocks moved higher in May, driven by gains in large-cap technology stocks, encouraging economic data, and continued diplomatic efforts in the Middle East. The Nasdaq Composite led the major indexes with an 8.36% gain, following its 15.29% advance in April. The S&P 500 rose 5.15%, while the Dow Jones Industrial Average added 2.78%.

Despite the shortened post-Memorial Day trading week, stocks posted strong gains and continued their record-setting advance as investor optimism increased over the prospects for a peace agreement. The S&P 500 rose 1.43%, the Nasdaq Composite gained 2.39%, and the Dow Jones Industrial Average advanced 0.90%.