Wall Street rallies for best week since June on rate hopes

NEW YORK (AP) — Wall Street piled more gains onto its mammoth rally from a day earlier to close out its best week since the summer. The S&P 500 rose 0.9% Friday, and the Nasdaq rose more than double that. Markets got a boost after China relaxed some of its anti-COVID measures, while a report suggested U.S. inflation expectations ticked modestly higher. Stocks soared this week on hopes the worst of inflation may have passed and that the Federal Reserve can be less aggressive about raising interest rates, though some analysts called the rally overdone. Crypto sank after a major exchange filed for bankruptcy.