By Lewis Krauskopf and Sruthi Shankar and Anisha Sircar
(Reuters) – Wall Street’s major indexes jumped on Friday as signs of slowing economic growth and a recent pullback in commodity prices tempered expectations about the U.S. central bank’s interest rate hike plans.
The S&P 500 index closed up 3.06% at 3,911.74 points. The Dow Jones rose 2.68% to 31,500.68 points. The Nasdaq Composite technology index rose 3.34% to 11,607.62 points.
The S&P 500 had its biggest one-day percentage rise since May 2020. All 11 benchmark index sectors ended up at least 1.5% higher.
Stocks rallied this week as financial markets stirred by concerns that the Federal Reserve’s rapid rate hikes to curb inflation could trigger a recession.
Still, investors are weighing when the market can reach its lowest level after the S&P 500 recorded a 20% drop earlier this month from the closing peak it reached in January, which confirmed the index’s entry into the definition. common in a bear market.
“This could be a bit of a relief rally,” said Shawn Cruz, chief trading strategist at TD Ameritrade. “But I don’t think I would encourage anyone to go all out at the moment, because we’ve seen it over and over again, these things can reverse quickly.”
For the week, the S&P 500 is up 6.4%, the Dow Jones is up 5.4%, the Nasdaq is up 7.5%.
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