Wall Street Rallies; S&P 500 at Highest Since May 4
Stocks rallied on Friday, driving the S&P 500 to its highest since May 4 and the Dow above 13,000 as hopes increased that the Federal Reserve and the European Central Bank may provide further stimulus.
European Central Bank President Mario Draghi will meet with Bundesbank President Jens Weidmann to discuss several measures, including bond purchases, to help the euro zone, according to a Bloomberg report.
Helping the argument for more stimulus, data showed U.S. gross domestic product growth slowed to a 1.5 percent annual rate in the second quarter as consumers spent at their most sluggish pace in a year.
The S&P 500 financial sector .GSPF was among the best performers.
The Federal Reserve meets next week, and the market is looking for signs of additional monetary stimulus. The ECB also meets, with expectations for action overseas also rising after comments Thursday from ECB President Mario Draghi.