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Stock Rally Builds With Longest Weekly Run of 2022: Markets Wrap

  • US consumer sentiment rises to three-month high on outlook
  • BofA says cash racing to stocks, bonds as inflation fears ease
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WATCH: San Francisco Fed President Mary Daly sees a 50 basis point rate hike in September but she is open for a 75 Bps inclrease.Source: Bloomberg
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Stocks finished the week on solid footing, with traders assessing whether an inflation slowdown could soon make the Federal Reserve reduce the pace of its most-aggressive tightening campaign in decades and prevent a hard landing.

Defying the crowd of skeptics who dubbed the rebound a bear-market rally or short-covering, the S&P 500 had a fourth straight week of gains, the longest such run since November. The gauge recouped more than 50% of the losses it notched between its January peak and June nadir, and approached its 200-day average -- a line crossed by the Russell 2000 of small caps. The Nasdaq 100 pushed further beyond its technical bull-market threshold, following a surge of over 20% from June lows.