Wall Street rallied on Friday to end a volatile week, as U.S. Treasury yields eased and economic data helped investors look past the growing likelihood that the Federal Reserve will have to keep its restrictive policy in place until late in the year.
All three major U.S. stock indexes surged more than 1%, with the tech-laden Nasdaq climbing close to 2% with a boost from interest rate sensitive megacaps. U.S. Treasury yields eased in the wake of comments from Fed officials that"It continues to be all about the Fed and how gracefully they can slow the economy," said David Carter, managing director at JPMorgan Private Bank in New York.
For the week, the indexes notched gains, with the S&P snapping a three-week losing streak and the Dow, returning to positive territory year-to-date, enjoyed its first weekly advance since late January.
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