- U.S. stock markets surged on Friday and recorded a third straight week of gains.
- This marked the longest weekly losing streak for the S&P 500 and Dow since July.
- There was a wave of optimism in markets last week over the potential end of Fed tightening.
U.S. stocks rallied on Friday and posted gains for a third straight week as markets were gripped by a wave of optimism over the potential end to Fed tightening.
Each of the three major indexes gained about 2% during the week. For the Dow and S&P 500 indexes, it was the longest weekly increase since July.
Earlier this week, cooler-than-expected inflation data convinced investors that the Fed had stopped raising interest rates. According to Bank of America analysts, the latest reading “he broke the back of his touring bike”
Friday also saw a sharp increase in oil prices. Prices fell throughout the week but surged on news that Saudi Arabia was considering extending production cuts through 2024.
Here are the position of the American indices on Friday at 4:00 p.m.:
Here’s what else is happening:
For commodities, bonds and cryptocurrencies: