Mumbai, June 22 -- Stocks rose on Wall Street Thursday and erased most of their losses from a day earlier to notch weekly gains. The market's reversal was powered by sharp gains for big technology companies. The decline on Wednesday was driven by anticipation that the Federal Reserve will likely raise interest rates this year in an effort to fight inflation.

The S&P 500 rose 80.48 points, or 1.1%, to 7,500.58. The Dow Jones Industrial Average rose 72.15 points, or 0.1%, to 51,564.70. The Nasdaq composite surged 496.28 points, or 1.9%, to 26,517.93. Every major index notched weekly gains.

Oil prices wavered after the United States and Iran signed an agreement to end their war and reopen the Strait of Hormuz to oil tanker traffic. Brent c...