US Federal Reserve Chairman Jerome Powell speaks at the Brookings Institution, November 30, 2022 in Washington, DC
Drew Anger | Getty
All major stock averages closed higher for the week thanks to a Friday afternoon rally that pushed the Dow back into positive territory. Several key economic reports drove the action, including the ADP November Nonfarm Payrolls and Employment Reports and the October Personal Spending Report. Most important, perhaps, was Federal Reserve Chairman Jerome Powell’s comment to the Brookings Institute, where he indicated that the pace of interest rate hikes could slow as early as December – although he expects that the policy remains restrictive for a period of time; the Fed “will stay the course until the job is done,” he said.