The Dow rallied Friday, to close out its best week since June as hopes that the Federal Reserve could slow the pace of rate hikes helped cool the surge in Treasury yields and bolstered growth sectors of the market including tech. The Dow Jones Industrial Average gained 2.5% or 748 points, the Nasdaq was up 2.31%, and the S&P 500 rose 2%. Growth sectors of the market rebounded following a slump a day earlier as Treasury yields eased from session highs on bets that the Fed may consider slowing the pace of rate hikes. “[I]nvestors are now considering a December hike of 50-75 bps,” Janney Montgomery Scott said. “Prior to today, sentiment was closer to a 75-100bps potential hike at the next meeting. This recalibration of expectations is what’s helping stocks today.” Apple (NASDAQ:AAPL) and Microsoft Corporation (NASDAQ:MSFT) rose, with the latter up more than 2% ahead of earnings from big tech next week. Microsoft’s cloud business Azure is likely to take on added investor attention amid concerns the weakening macroeconomic backdrop is weighing on global enterprise and cloud spending. Snap is likely to be “range bound” amid ongoing macro headwinds, Goldman Sachs said in a note. Consumer discretionary stocks were driven higher by a rise in Amazon (NASDAQ:AMZN) and a rebound in Tesla Inc (NASDAQ:TSLA) following a slump a day earlier. Energy was also among the biggest sector gainers, led by a more than 10% rise in Schlumberger NV (NYSE:SLB) after the oil field services firm reported better-than-expected quarterly results. NN: What can i say. we were very very clear the bottom was in, The FED will have to back off to save the Government bond market. Of course the massive deflationary wipe out will come soon enough. But this is a very tradable bear market rally. When we see capitulation of the shorts hopefully we can take some nice fat juicy profits.