Stock rally on strong retail earnings, moderated Fed messaging

The S&P 500 index rose 2 percent in the holiday-shortened week and closed Friday at 4,026. The Nasdaq gained 0.7 percent on the week, and the Dow Jones industrial average jumped 2.4 percent.

Fed officials speaking throughout the week echoed the minutes’ messages. San Francisco Fed President Mary Daly and Cleveland’s Loretta Mester said during separate remarks that inflation remains too high, though both pointed to a need for officials to be judicious in calibrating policy.

Applications for unemployment benefits rose to 240,000 in the week ended Nov. 19, marking a three-month high. HP announced Tuesday that it plans to cut up to 6,000 jobs as demand for personal computers declines.

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