Stocks rallied higher on Friday as Wall Street snapped its three-week losing streak. The Dow Jones Industrial Average climbed over 375 points, while the S&P 500 and Nasdaq Composite rose over 1% and 2%, respectively.
Here's how the market settled to close out the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Friday's gains cemented a positive week for all the major averages. The Dow added 2.66% for the week, while the S&P 500 gained 3.65% and the Nasdaq was 4.14% higher.
Market participant continued to focus on remarks made by Federal Reserve Chair Jerome Powell on Thursday as the Cato Institute's 40th Annual Monetary conference in Washington D.C., where he reaffirmed the central bank's aggressive stance to combat inflation.
"History cautions strongly against prematurely loosening policy," Powell said Thursday. "I can assure you that my colleagues and I are strongly committed to this project and we will keep at it until the job is done."
On Friday, Wall Street also reacted to remarks from Fed Governor Christopher Waller, who echoed Powell's sentiments and says he expects a big interest rate hike later this month.
"Looking ahead to our next meeting, I support another significant increase in the policy rate," Waller said in remarks in Vienna on Friday. "But, looking further out, I can't tell you about the appropriate path of policy. The peak range and how fast we will move there will depend on data we will receive about the economy."
Investors are anticipating the Fed will move forward with a third consecutive 75 basis-point interest rate hike following the central bank's upcoming policy meeting on Sept. 20-21.
For stocks, shares of DocuSign
In the news, Amazon
"As we continue to broaden and accelerate the robotics and technology we design, engineer and deploy across our operation, we look forward to welcoming Cloostermans to Amazon and are excited to see what we can build together," said Ian Simpson, vice president of Global Robotics at Amazon, in a blogpost.
Elsewhere, Burger King parent Restaurant Brands International
Looking ahead, investors will focus on next week's consumer price index (CPI) report for August, which the Fed will consider in its upcoming policy decision.