Stocks rallied on Friday, climbing on investors’ hopes for less aggressive rate hikes from the US central bank. All three indexes ended the day sharply higher, with the Dow Jones Industrial Average surging by 750 points. The S&P 500 and the Nasdaq Composite both rose more than 2%.
While markets widely expected two more 75 basis point rate hikes this year from the Fed, expectations for a hike that size in December have been slashed after a report from the Wall Street Journal said officials have concerns about overtightening.
That gave a boost to stocks midday after being dragged earlier in the session by fears of tech weakness following dismal earnings from Snap.
The 10-year Treasury yield also edged slightly lower but was still at post-crisis highs around 4.2%.
Here’s where US indexes stood at the 4:00 p.m. closing bell on Friday:
Here’s what else is happening today:
In commodities, bonds and crypto:
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