This Week on Wall Street

Wall Street rallied sharply Thursday, with the S&P 500 up 1.1% to 7,747.71, the Nasdaq Composite up 1.4% to 26,584.06 and the Dow Jones up 1.2% (624 points) to 53,686.11, as falling Treasury yields and dovish comments from Fed Governor Christopher Waller eased rate-hike fears ahead of this month's FOMC decision. Materials and Communication Services led the rally, each gaining more than 1.4%, with nine of the index's eleven sectors finishing in positive territory. Healthcare and Consumer Staples lagged, slipping modestly as investors rotated into cyclicals and value names. The 10-year Treasury yield eased to about 4.72% and the VIX fell to roughly 14.6 as the week's earlier Middle East-driven volatility continued to fade, even as gold climbed to about $4,487 an ounce on lingering safe-haven demand and WTI crude held near $91 a barrel. Attention now turns to this morning's closely watched August jobs report — the last major data point before the Fed's Sept. 16 rate decision, where futures see hike odds narrowing following Waller's remarks.