Avie Schneider

Updated at 5:05 p.m. ET

A day after dropping more than 1,000 points, the Dow rebounded Friday to close up more than 300 points. But the index lost nearly 5 percent for the week as the markets focused on rising interest rates, inflation and ballooning government debt.

Updated at 3:55 p.m. ET.

Federal Reserve policymakers have raised their target for the benchmark federal funds interest rate by a quarter-point, to a range of 1 percent to 1.25 percent.

Apple giveth, Apple taketh away.

Every year about this time, the tech giant unveils its latest iPhone. Company executives proclaim it the best iPhone yet. And fans can't wait to get their hands on the shiny new toys.