US stock market records best week in a year with hopes rate hikes are over

The S&P 500 recorded its best week in a year as markets believe the US Federal Reserve’s rate hike cycle is coming to an end, according to CommSec’s Tom Piotrowski.“So that’s the best weekly outcome we’ve seen in about a year,” Mr Piotrowski told Sky News Australia.

“More compelling was the improvement that we saw for technology stocks with Nasdaq up 1.4 per cent – in weekly terms up 1.6 per cent.” He said the “one important reason” for the week's strong gains is the substantial drop in both long and short-term interest rates last week.

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