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Here's the AP story, carried by the New York Times, describing Friday's strong up-move in stocks:

Rally Resumes on Outlook for Rates

Wall Street resumed its advance yesterday as investors interpreted a government report of milder inflation as a signal that the Federal Reserve might consider cutting interest rates later this year...

In the article, there follows no evidence whatsoever that the Fed might start cutting interest rates earlier, not even an "expert" saying so. In fact, one paragraph goes so far as to say,

Treasury investors did not appear to believe the producer price data significantly raised the possibility of a rate cut. The 10-year Treasury note fell 9/32, to 98 20/32. The note?s yield, which moves in the opposite direction from the price, rose to 4.67 percent from 4.64 percent on Thursday.

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