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Stocks rally, driving Wall Street to a rare winning week

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It’s a reprieve from Wall Street’s tumble through most of the year, caused by the Fed’s and other central banks’ slamming into reverse on the tremendous support fed into markets through the pandemic.

The Fed signaled more interest rate hikes could be ahead.

The S&P 500 rose 116.01 points to 3,911.74. The Dow climbed 823.32 points to 31,500.68. The Nasdaq rose 375.43 points to 11,607.62.Parts of the U.S. economy are still red-hot, particularly the jobs market, but some discouraging signals have emerged recently. A report on Friday confirmed sentiment among consumers sank to its lowest point since the University of Michigan began keeping records, hurt in particular by high inflation. Another lowlight this week suggested the U.S.

“We have seen a cooling off in a lot of areas, certainly. Gasoline purchases are down, housing prices appear to be cooling across the board,” Frederick said. “To me all of this speaks to the fact what the Fed is doing now appears to at least be having some impact. Now, whether or not it’s sufficient to bring inflation down, I don’t think we know yet.”

Over the last week, investors have been modestly ratcheting back their expectations for how high the Fed will hike interest rates into early next year.

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