'Titanic' has a happy ending: Robust rally caps Wall Street's week of red

Oil took a bit of a breather on its hike into the clouds. Front month WTI and Brent crude futures settled down 2.4% and 2.8%, respectively. But both remain above $100 per barrel. For the week WTI surged about 9%.

Next week's economic menu includes retail sales, industrial production, housing starts/building permits, pending home sales, homebuilder sentiment, Empire State/Philly Fed, import prices, business inventories, and the leading economic index.

Here's your closing snapshot:

U.S. stocks rebounded on Friday, snapping a four-session losing streak as investors shook off a could-have-been-worse inflation report and girded their loins for a near-term rate hike as they searched the carnage for bargains.

They found those bargains, apparently. All three major U.S. stock indexes ended sharply higher—just about 1% each—in a broad rally.

But the rally was too little and too late to salvage the week; all three indexes ended lower than last Friday's close.

Six of the "Magnificent Seven" group of AI-related megacaps, all but Nvidia NVDA.O, advanced, while Alphabet's GOOGL.O and Amazon.com's AMZN.O magnificence was more apparent than the remaining four.

Airlines .SPCOMAIR, chips .SOX, housing-related .HGX, .SPCOMHOME, and retail .SPXRT were among the outperformers.

All of this falls in the wake of a largely in line (but still hot) CPI report that appeared to solidify the probability that the Federal Reserve will follow the European Central Bank's example by hiking interest rates at the conclusion of next week's policy meeting.