All three major U.S. equity averages gained over 1% on Friday, trimming deeper losses earlier in the week after the Federal Reserve reduced its rate cut outlook. The resulting angst spurred a near 3% mid-week slide on the S&P 500, which posted its second-worst trading day of the year. Investors were also on edge over the then approaching government funding deadline. Stopgap funding legislation was ultimately passed late Friday evening. Favorably, economic data was mostly positive last week, including stronger than expected retail sales and an upward revision in third quarter GDP.