(Bloomberg) — Stocks are ending the week on a positive note as latest economic data reinforced bets the Federal Reserve will cut rates in September.
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About 85% of the shares in the S&P 500 rose Friday as the index reclaimed its 5,600 mark after a slide in the previous session. Tech rebounded, though smaller firms continued to outperform megacaps. Banks got hit at the start of the US earnings season, with results from Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. failing to fuel industry momentum.
Equity traders brushed off a weak reading on consumer sentiment to focus on prospects for rate cuts that could ultimately benefit Corporate America. Data also showed producer prices climbed slightly more than forecast — but categories used to calculate the Fed’s preferred inflation measure, the personal consumption expenditures price index, were not so…
