S&P 500 Hits a Wall at End of Best Week in 2024: Markets Wrap
- BofA says US stocks suffered big outflows in run-up to Fed
- Treasury yields fall; US dollar hovers near this year’s high
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The rally in stocks lost traction Friday, with the market still notching its best week in 2024 amid speculation the Federal Reserve will be able to cut interest rates as soon as June.
US equities wavered after a record-breaking run that drove the S&P 500 up about 10% this year. In an almost broad-based weekly advance, the gauge climbed more than 2% in the span. The market resilience has left strategists scrambling to update their targets, while spurring calls for a consolidation or a pullback.