Stocks ended volatile week lower S&P 500 declining 1.6%. The index set closing low of 3,577.03 on Wednesday and intraday low of 3,491.58 on Thursday.
Investors are looking beyond a looming global recession and they see one country – and its financial markets – emerging strongest on the other side.
S&P has fallen 25% in a little more than 9 months since January peak, a shallower, shorter drop than typical of similar instances over last century.
Inflation shows few signs of cooling in the economy. Same cannot be said of markets, which are starting to seem like only thing Fed has going for it.