U.S. stocks ended a volatile week higher on Friday, a week that saw the Federal Reserve raise rates another 25 basis points and risks in the U.S. and...
U.S. stocks ended a volatile week higher on Friday, a week that saw the Federal Reserve raise rates another 25 basis points and risks in the U.S. and European banking sectors remain in key focus. The Dow Jones Industrial Average DJIA, +0.41% rose about 132 points, or 0.4%, ending near 32,238, Friday, boosting its weekly gain to 1.2%, according to preliminary FactSet data. The S&P 500 index SPX, +0.56% climbed 0.6% Friday and 1.4% for the week, while the Nasdaq Composite Index COMP, +0.
Fed Chairman Jerome Powell on Wednesday said he expected credit conditions to tightening further, doing some of the central bank’s work for it, in terms of bringing down inflation. One worry is that high rates and tighter credit could lead to a wave of defaults. Goldman Sachs this week raised its default forecast for the U.S. high-yield, or junk-bond, market to 4% from 2.8% for 2023.
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