US Federal Reserve Chairman Jerome Powell speaks at the Brookings Institution, November 30, 2022 in Washington, DC
Drew Anger | Getty
All major stocks closed higher for the week thanks to a Friday afternoon rally that pulled the Dow Jones back into positive territory. Driving the move were several key economic reports, including the November ADP jobs and nonfarm payrolls report and the October spending report. The most important thing, perhaps, is the statement from Federal Reserve Chair Jerome Powell at The Brookings Institute, in which he indicated that the pace of interest rate hikes could slow down as soon as December – although he expected the policy to remain limited for some time; the Fed “will stay the course until the job is done,” he said.