Wall Street Breakfast: What Moved Markets

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Wall Street Breakfast: What Moved Markets
Wall Street Breakfast: What Moved Markets

The S&P 500 rallied more than 3% on Friday to wrap up a big comeback week for the stock market that followed the worst weekly decline since the start of the pandemic.

 

Investor hopes were raised Friday by economic data that included better than expected new home sales for May and a slight improvement in inflation expectations from the latest University of Michigan survey of consumer sentiment, which was seen as potentially reducing the urgency for steeper interest rate hikes by the Federal Reserve.

 

After all three major indexes snapped three-week losing streaks — with the S&P rising 6.5%, the Dow Jones average gaining 5.4% and the Nasdaq Composite surging 7.5% — the question now is whether the markets have found a bottom or starting a bear market rally off oversold conditions.