The S&P 500 index rose 0.4% to close at 5,344 points on Friday, notching its second consecutive day of gains and fully wiping out the weekly losses in what initially appeared to be a sharply bearish and volatile week. On Monday, the S&P 500 opened more than 5% lower than the previous Friday’s close as recession fears reverberated through the markets. Bulls then regained momentum in the aftermath of a panicked Monday, bolstered by a series of positive catalysts that calmed volatility and alleviated economic fears. On Wednesday, the dovish stance of the Bank of Japan curbed short-covering flows into the yen, halting the unwinding of the carry trade that was dangerously draining liquidity from riskier assets. On ...