U.S. stocks finished higher on Friday, with all three U.S. indexes sweeping to big weekly gains, after the Federal Reserve raised its benchmark rate for the first time since 2018 to help tighten financial conditions and tackle high inflation. The Fed move was widely expected, helping to embolden bullishness on Wall Street. S&P 500 SPX, +1.17% rose about 51 points, or 1.2%, on Friday, booking at 6.2% weekly advance.
The Dow Jones Industrial Average DJIA, +0.80% rose 0.8% Friday, but 5.5% for the week, while the Nasdaq Composite Index COMP, +2.05% rose 2.1% Friday and a stunning 8.2% for the week. Those there the best weekly percentage gains for each index since Nov. 2020, according to Dow Jones Market Data. Investors also digested hawkish comments St. Louis Federal Reserve President Jim Bullard, who said the central bank risked losing credibility by moving too slowly to bring inflation down.
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