>> Wall Street happy to go home for a long holiday weekend with the stock market enjoying its best weekly upswing in just about three months. Investors piling back into names expected to benefit from a growing economy. Apple, whose shares have stumbled lately hitting $100 for the first time in a month.
Friday, stock market gains adding to a surge this week, burgeoned by investor confidence, the economy is strong enough to weather another Fed rate hike, the second since the end of the financial crisis. Fed chair Janet Yellan doing little Friday to knock down market expectations that she could raise interest rates as early as next month.
>> The economy is continuing to improve, but it's appropriate, and I've said this in the past, I think, for the Fed to gradually and cautiously increase our overnight interest rate over time, and probably in the coming months, such a move would be appropriate.>> Investors appear so confident that consumer spending won't be derailed by a rate increase that they were even willing to buy retail stocks, which have been mercilessly beat down by disastrous quarterly results.
Macy's, JCPenny and Target all finishing the week to the upside. Markets get a further clue on whether the Fed will raise interest rates after a two day meeting ending June 15th when the April jobs report comes out next week.