The Standard & Poor's 500 index rose 4.6% this week, led by technology stocks amid better-than-expected earnings from a number of companies in the sector including Google parent Alphabet (GOOGL, GOOG).

The S&P 500 ended Friday's session at 5,525.21. The index is still down 1.5% for the month and 6.1% this year on concerns about the economic impacts of the ongoing trade war between the US and several countries including China. Both Chinese officials and US President Donald Trump, however, softened their tone this week.

US consumer sentiment waned for the fourth straight month in April as uncertainty around tariffs dampened expectations and pushed the year-ahead inflation outlook to the highest point since 1981, final results from the University of Michigan's Surveys of Consumers showed Friday. While the April reading of 52.2 was down from 57 in March, it was still above the consensus view for 50.5 in a poll compiled by Bloomberg.

On the earnings front, Alphabet was in the spotlight as the Google parent not only released better-than-expected Q1 results but also said its board raised its quarterly dividend by 5% and authorized the repurchase of up to another $70 billion in class A and C shares. The company's shares rose by about 7% on the week.

The technology sector had the largest percentage increase this week, climbing 7.9%, followed by a 7.4% gain in consumer discretionary and a 6.4% rise in communication services. Financials and industrials rose by about 3% each while materials added 2%.

ServiceNow (NOW) had the largest weekly percentage gain in the technology sector, jumping 22% as the company posted Q1 adjusted earnings per share and revenue above analysts' mean estimates. The company also forecast Q2 subscription revenue above the Street view at the time.

In consumer discretionary, Tesla (TSLA) shares climbed 18%. The electric vehicle maker's Q1 adjusted earnings per share and revenue both came in below Street views, but Chief Executive Elon Musk said he will recommit more of his time to the company. That was the "biggest" and "best possible" news investors could have heard, Wedbush analysts said in a note to clients.

Netflix (NFLX) was the top performer in communication services, rising 13% as the company's Q1 results and Q2 guidance both exceeded analysts' expectations.

Consumer staples was the lone sector in the red for the week, dropping 1.4%.

Kimberly-Clark (KMB) had the largest percentage drop in consumer staples, falling 7.8%. The company reported Q1 adjusted earnings above the Street view but its revenue slightly missed analysts' mean estimate. Also, Kimberly-Clark reduced its guidance for 2025 adjusted earnings per share.

Next week's earnings calendar features Visa (V), Coca-Cola (KO), Pfizer (PFE), Microsoft (MSFT), Meta Platforms (META), Apple (AAPL), Amazon.com (AMZN), Eli Lilly (LLY), Mastercard (MA), McDonald's (MCD), Berkshire Hathaway (BRK.A, BRK.B), Exxon Mobil (XOM) and Chevron (CVX).

Economic data will include Q1 gross domestic product, March personal consumption expenditures, and the closely watched April employment report and unemployment rate.