Stocks Soared On Friday, End Higher For The Week

Plus 5 Just-Added Strong Buys Stocks Soared On Friday, End Higher For The Week [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Soared On Friday, End Higher For The Week [Stocks Soared On Friday, End Higher For The Week]Image: Bigstock Stocks soared on Friday and for the week. On Friday, the Dow was up 1.17%, the S&P was up 1.61%, and the Nasdaq was up 1.97%. For the week, the Dow is up 1.75%, the S&P is up 1.90%, and the Nasdaq is up 2.58%. And YTD, the Dow is up 0.74%, the S&P is up 5.37%, and the Nasdaq is up 11.7%. Friday started with a strong PMI Composite report which put the composite index at 50.1 for February, while the service index came in at 50.6 vs. January's 46.8. The ISM Service Index also came in better than expected at 55.1. That's down a tad from January's 55.2, but above the consensus for 54.5. After Atlanta Fed President, Raphael Bostic, on Thursday, said that he is still in favor of raising interest rates in "steady" quarter point increments, that notion was seconded on Friday by Richmond Fed President, Thomas Barkin, when he came out in favor of the smaller 25 basis point moves rather than the larger 50 bps that have recently been talked about after the hotter than expected inflation numbers came out. We'll get two more inflation reports before the next FOMC Announcement on March 22. The Consumer Price Index (CPI), which looks at retail inflation, comes out next Tuesday, on March 14. And the Producer Price Index (PPI), which looks at wholesale inflation, comes out the very next day on Wednesday, March 15. The Fed's preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, won't come out until March 31, a little more than a week after the Fed announcement on rates. In the meantime, speculation over what the next inflation reports will say, what the Fed will do at their next meeting, and if the Fed will change their estimate on how high they'll raise rates before calling it quits, will remain key trading factors until then. At the moment, the expectation is still for 25 basis points at the next meeting, and the terminal rate hitting 5.1% (which would mean two more 25 bps hikes), and then remaining there for the remainder of the year. And as long as the economy continues to show its resiliency, that gives the Fed more leeway in raising rates, given the reduced chances of a recession. That being said, all eyes will be on this coming Friday's Employment Situation report, on March 10. After last week's strong performance, and key reports coming up, it should be a busy week this week, to say the least. 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