U.S. stocks have staged a remarkable rebound from their early-August losses, with all three major U.S. barometers heading for their best weeks since Nov. 3, according to Dow Jones Market Data. The Dow was up 1065.52 points, or 2.7%, this week to 40,563.06.

Earlier this month, the US stock market plunged. This turn of events is due to send shockwaves through the job market. This is the biggest daily drop in nearly 2 years.

"The risk-on rally on Thursday following retail sales and CPI data confirms the Goldilocks narrative," JP Morgan strategists wrote. "The S&P 500 has now recovered above the August 2 (payroll data release) level and is just 2.2% below its all-time high."

U.S. stock futures chased another day of gains on Friday amid the best week for the market so far this year. Signs of a strong consumer in retail sales data and Walmart’s earnings have offset recession fears that rocked stocks earlier this month.