NEW YORK - Wall Street advanced on Friday, marking the end of an rocky week in which economic data and corporate earnings guidance hinted at softening demand but also economic resiliency ahead of next week's Federal Reserve monetary policy meeting.
From last Friday's close, the S&P and the Dow posted their third weekly gains in four, while the tech-laden Nasdaq notched its fourth straight weekly advance.and the Dow have gained 6% and 2.5%, respectively. The Commerce Department's hotly anticipated personal consumption expenditures report arrived largely in line with consensus, showing softening demand and cooling inflation - which is exactly what the Federal Reserve's restrictive interest rate hikes are intended to accomplish.
Fed Chair Jerome Powell has clearly stated that the central bank's battle against decades-high inflation is far from over, however. Financial markets still believe the central bank will hike the Fed funds target rate by another 25 basis points at the conclusion of next week's policy meeting.
Where were the dang bulls at at close Friday!?!?!?!?
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