A disastrous earnings report from Snap and less than inspiring results from Dow components American Express and Verizon weren’t enough to keep the Wall Street bulls at bay Friday. Stocks surged on hopes that the Federal Reserve may soon come to the rescue by slowing the pace of its rate hikes.
The Dow rose nearly 750 points, or 2.5%, even as AmEx
(AXP) and Verizon
(VZ) fell nearly 2% and 5% respectively. The Dow has now gained for the past three weeks, its longest weekly winning streak of the year.
It was a broad-based rally, with all sectors rallying. In fact, Verizon and AmEx were the only two Dow stocks that weren’t in green Friday. Blue chip stocks Exxon Mobil
(XOM), health insurer Cigna