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US Equities End Turbulent Week With a Modest Gain: Markets Wrap

  • Greenback rebounds from two-day drop; Bitcoin and oil drop
  • BofA calls stock selloff overdone; ‘triple witching’ occurs
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WATCH: Wells Fargo recommends investing in a broad basket of commodities, says Paul Christopher, head of global market strategy.Source: Bloomberg
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US stocks rallied Friday as sentiment improved after traders parsed comments from Federal Reserve officials who reiterated that the central bank needs to do more to curb the hottest inflation in 40 years. 

While the S&P 500 rose on Friday, it still closed the week at its lowest since December 2020 as investors grappled with a flurry of data that intensified recession fears. The tech-heavy Nasdaq 100 surged. Friday also brought the quarterly event known as triple witching. The $3.5 trillion options expiry has arrived with limited downside volatility so far. Treasury yields rose across the curve, with 10-year yields hovering around 3.2%. The dollar snapped two days of losses.