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Week in review, week ahead: Street bounces back but now awaits key inflation data

Published Fri, Sep 9 20224:40 PM EDTUpdated Fri, Sep 9 20224:45 PM EDT

Zev Fima @zevfima

Stocks rallied on Friday to help all three major averages snap three-week losing streaks. The Dow finished up 2.8% on the holiday-shortened week, while the S & P 500 rose 3.8% and the Nasdaq gained 4.2%. It was a welcome ending to the week, as markets have been choppy lately with Wall Street weighing the next interest-rate hike from the Federal Reserve. Fed chair Jerome Powell spoke Thursday morning, saying central bankers need to keep at it when it comes to tightening monetary policy to fight inflation. Expectations of a 0.75 percentage point rate hike later this month have risen. A move of that magnitude would be the third 0.75 percentage point increase in a row. Bond yields rose on Thursday from the previous session after the European Central Bank hiked rates to fight inflation, but then changed little on Friday. We're closely watching the 10-year Treasury note because there has been a strong inverse relationship between yields and stocks. When rates are lower, the market tends to be positive. When rates are up, the market tends to sell off. The dollar was down slightly on Friday and that served to help stocks too, especially those multinational companies that do a ton of business overseas. The market remains oversold, according to the S & P Short Range Oscillator . All 11 Sectors were positive for the week, led by consumer discretionary, up 5.62%. Energy was the worst performer, up 0.60%. Meanwhile, the U.S. dollar index is holding at around the 109 level. Gold stands at $1,726 per ounce. WT