The US stock market, which represents two thirds of the global stock market, finished higher this week ahead of Memorial Day. The S&P 500 finished 6.6% higher for the week, its best weekly gain since November 2020. The turnaround came a week after the S&P 500 narrowly avoided entering a bear market, defined as a decline of 20% or more from a recent high. The broader market has been in a slump for almost two months as concerns about inflation, supply chain issues and rising interest rates pile up. The US Federal Reserve continue in their efforts to control inflation by raising interest rates. Wednesday’s release of minutes from the latest meeting showed that policymakers were open to the possibility of raising interest rates by a half a percentage point. At its previous meeting, the FOMC increased the target range for the federal funds rate by 50 bps, the first 50 bps rate hike in 22 years.