Salem Radio Network News Monday, February 6, 2023

Business

Wall Street rallies, notches weekly gain

Wall Street rallied amid hopes inflation may continue to cool and the Federal Reserve may ease up on its interest rate hikes following some mixed readings on the U.S. economy.

The S&P 500 shook off a shaky start and closed 2.3% higher Friday, marking its first winning week in the last five.

The Dow Jones Industrial Average rose 2.1% and the Nasdaq composite added 2.6%.

Reports showed that gains for workers’ wages slowed unexpectedly last month, which could reduce the pressure on inflation. So could a separate report that showed activity for U.S. services businesses contracted. Treasury yields fell.

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Michael Ramirez
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