Stocks See Best Week in ’24 as Buyers Race Back In: Markets Wrap
- A handful of economic data show US economy is holding up
- Traders pare wagers on aggressive cuts, bet on September move
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A flurry of data showing US economic resilience drove stocks to their best week this year, with dip buyers stepping in after a recent rout.
Equities rose on Friday, with the S&P 500 extending a seven-day rally to 6.8% — the best performance in such a span since October 2022. Just a week ahead of Jerome Powell’s speech in Jackson Hole, Wyoming, traders hope the Federal Reserve chief will set expectations for the next policy gathering. While officials have brought down inflation, the labor market is still a wild card.