Wall Street’s main indexes soared on Friday in a broad rally as signs of slowing economic growth and a recent pullback in commodity prices tempered expectations for the Federal Reserve’s rate-hike plans.
The S&P 500 rose over 3 percent for its biggest one-day percentage rise since May 2020. All 11 of the benchmark index’s sectors ended at least 1.5 percent higher.
Stocks rebounded this week as financial markets have been roiled over worries that rapid rate hikes by the Fed to rein in 40-year-high inflation could cause a recession.
Still, investors have been gauging when the market might hit its bottom after the benchmark S&P 500 earlier this month recorded a 20 percent drop from its January closing peak, confirming the common definition of a bear market….