For a market plagued by fears that more aggressive monetary tightening could tip the economy into a recession, Powell’s remarks ended up soothing frayed nerves and sparking a rebound in beaten- down risk assets. After a selloff that shaved $10 trillion from US stock values in 18 weeks, many traders don’t believe that the market has reached a bottom. The Fed’s ability to fight price pressures without causing a hard landing may depend on factors outside the central bank’s control, so investors should still expect volatility.

The S&P 500 saw a broad based rally Friday after sinking almost 20% from a record and flirting with a bear market. It had a sixth straight week of declines, which was the longest losing streak in more than two years. Apple Inc., Microsoft Corp., and Amazon.com Inc. led a rally in the tech sector. They jumped. The bonds fell with the dollar.

Some prominent voices on Wall Street pondered on the outlook for stocks after a big selloff in financial markets. Peter Oppenheimer said on Tuesday that the sell-off had created buying opportunities, with inflation and the central banks already priced in. Morgan Stanley strategist Michael Wilson noted that the stock market was not priced for a slowdown in growth.

Lindsey Bell, chief markets and money strategist at Ally, said that there are five telltale indicators that can be used to call a bottom in the stock market. Past bear markets have featured moves above 45. She said a volatility climax is a sign of market bottoms.

There are comments

Mark Haefele, chief investment officer at U.S. Global Wealth Management wrote that speculative froth has already been removed from the market. We advise against hasty exits. Our central scenario is that there will be no recession over the next 12 months. However, investors should expect high levels of volatility.

Jim Paulsen, chief investment strategist at Leuthold Group, said the stock market had been revalued. Strong balance-sheets in the household sector, the corporate sector and the banking industry, combined with great fear on Main Street, make that a dynamite combination you have to buy on.

Mark Hackett, chief of investment research at Nationwide, said investor sentiment is at extreme levels and technical indicators are negative. The stage for a bounce from oversold levels could be expected in the coming weeks, reflecting the degree of pessimism in the market.

There was a sense of calm in the markets, but without any fundamental news to suggest this is the bottom. The stock market has not been able to sustain any recovery attempts as traders have been quick to take profit on the rebound.

Expectations of a technical bounce in the S&P 500 are building after the gauge’s relentless slide of the past several weeks There is a possibility of a zone of support from a cluster of levels.

The strategists at Bank of America Corp. wrote in a note that all of the asset classes saw outflows in the week ended May 11. Technology stocks have suffered their biggest withdrawals of the year so far at over $1 billion.

The definition of true capitulation is investors selling what they love. Fear and loathing suggest that stocks are prone to a bear-market rally, but we don’t think they have reached their ultimate low.

There are some of the main moves in the markets.

The stock market has stocks.

The S&P 500 was up 2.4%. The indexes rose in New York time.

The index went up 2.3%.

The value of the currencies.

The euro rose against the dollar, while the British pound fell.

The Japanese currency fell to $129.32 per dollar.

There are Bonds.

The yield on 10-year Treasuries increased by nine basis points to 2.93%.

Britain’s 10-year yield increased eight basis points to 1.74%.

There are commodities

West Texas Intermediate crude was up 4%.

There was a decline in gold futures to $1,808.40 an ounce.