NEW YORK -U.S. stocks rallied in a sharp rebound on Friday as investors set aside inflation worries and bought shares hammered by the week's volatility, with the shift back into riskier assets dragging on the dollar.
Indeed, even with Friday's strong recovery, U.S. stocks still notched their worst performances in nearly three months for the week. The S&P 500 lost 1.4per cent this week, while the Nasdaq shed 2.3per cent, declines not seen since Feb. 26. The drop in yields flattened the yield curve, an indicator of economic growth expectations, by a touch. The spread between two- and 10-year Treasury yields, which had widened earlier this week when investors were focused on inflation, narrowed to 148.3 basis points.
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