The S&P 500 is coming off its best week of 2024.
Stocks are coming off a winning week amid a volatile stretch for equities. The broad index rallied 3.9% for its best week since 2023. The Nasdaq Composite and Dow added 5.2% and 2.9%, respectively.
"Much like some of the last recoveries that we've had after pullbacks, this was a little game of 'put the money back where it came from,'" SoFi's Liz Young Thomas told CNBC on Friday.She added that the market needed"good news" to begin recovering from the previous week's rout.
Last week's rally came after August got off to a turbulent start. Earlier this month, disappointing data fueled recession fears and concerns that theFresh data last week seemed to subdue an anxious market, and boost hopes that the economy can attain a soft landing scenario. The 12-month inflation rate measured by July's consumer price index slowed to 2.
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