Wall St ends tumultuous week with strong rally as rate hike fears wane

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Reuters

By Stephen Culp NEW YORK (Reuters) – U.S. stocks closed sharply higher on Friday, ending several days of sell-offs with a rebound fueled by upbeat earnings, strong economic data and easing fears of a larger-than-expected interest rate hike by the Federal Reserve. All three major U.S. stock indexes posted solid gains, with financials leading the charge in the wake of Citigroup Inc’s earnings beat. This reversed Thursday’s sell-off driven by downbeat guidance from rivals JPMorgan Chase and Morgan Stanley. The S&P 500 and the Dow both snapped five-day losing streaks, and all three indexes ended b…

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