Concern about the Federal Reserve’s path of rate increases and the soaring U.S. dollar have resulted in big swings in the S&P 500 on a daily basis, even though overall expectations for volatility remain low. Bolstered by reduced expectations of approaching rate hikes, the S&P 500 (.SPX) and Nasdaq Composite (.IXIC) came close to record closing highs on Friday. “Any piece of economic data that speaks to the pace of job creation or inflation will be watched very closely.