Good evening:

Markets moved higher for the second consecutive week -- and it was a big one. The Federal Reserve hiked interest rates. Big Tech reported earnings, and Apple has reached its highest level in nearly four months after posting FQ3 results that were better-than-expected and saying sales should "accelerate" in the current quarter despite U.S. economic uncertainty. "There is no obvious evidence in our data that there is macroeconomic effect on iPhone sales... and we're continuing to hire," CEO Tim Cook said on an earnings call. "The situation on supply is improving," added CFO Luca Maestri.

Buoyed by high oil and gas prices, the energy sector is expected to have swelled earnings by more than 250 percent in the second quarter. Exxon Mobil and Chevron, the U.S.’s two largest oil companies, reported record profits Friday, with Exxon’s profit more than tripling from a year ago. All told: The S&P 500 gained 3.9% on the day of the Fed hike (Wednesday) and the day after (Thursday), the best rally after a hike going back to 1970, according to Bloomberg.

Bitcoin also has rallied from its June low, and Ethereum has nearly doubled since its mid-June low. Real GDP shrank at a -0.9% annual rate in Q2, driven by a decline in consumer spending and p...

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