Wall Street Gains 0.4% as Mega-Caps Rise Despite Hawkish Fed Message
What Happened
US stocks opened higher on Friday, with the Dow Jones up 0.43%, the S&P 500 gaining 0.44%, and the Nasdaq rising 0.41%. Markets were supported by gains in major technology stocks even as Federal Reserve Chair Kevin Warsh reiterated that inflation remains above target and signaled the Fed may still have "more work to do" on prices.
Key Takeaways
Investors looked past the Fed's hawkish tone and focused on strength in mega-cap stocks, but Warsh's comments raised expectations that the central bank could keep policy tight or even consider another rate hike if inflation remains stubborn.