Wall St ends tumultuous week with strong rally as rate hike fears wane

Upbeat earnings, strong economic data and easing fears of a larger-than-expected interest rate hike by the Federal Reserve pushed U.S. stocks to close sharply higher

earnings beat. This reversed Thursday's sell-off driven by downbeat guidance from rivals JPMorgan Chase and Morgan Stanley .

Consumer prices in June showed the highest annual growth rate since 1981, raising chances that the Fed could raise its key fed funds target rate by 100 basis points, steeper than the 75 basis point hike previously expected. Those fears were calmed by remarks from Fed officials on Thursday and Friday, which indicated an interest rate increase of 75 basis points is likely in the cards.

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