(Bloomberg) — 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.
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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.
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The stock market halted a streak of four weeks of losses that had been partially driven by concern the Fed wouldn’t reduce borrowing costs fast enough to prevent a deeper slowdown in the largest economy. Data this week showing ebbing inflation and a resilient consumer rekindled hopes the Fed will be able…
