NASDAQ-Adv: 3,621 Dec: 1,243 NYSE-Adv: 3,444 Dec: 923 (Source: Nasdaq)
Wall Street surged on Friday to end higher, closing the book on a week of wild market swings as relief at signs of a spike in inflation rivaled fears that a tightening of Federal Reserve policy tip the economy into recession.
The gains were led by a rebound in megacap and tech-adjacent tech stocks, which have sold off in recent sessions as benchmark Treasury yields climbed and investors feared the Fed would raise interest rates. interest more aggressively than expected.
Despite the day’s gains, the S&P 500 and Nasdaq posted their sixth straight weekly loss, the longest losing streak since fall 2012 for the S&P 500 and since spring 2011 for the Nasdaq.
The Dow Jones recorded its seventh straight weekly decline, the blue chip average’s longest losing streak since the late winter of 1980.
“Is that a dead cat bounce?” Or is it an acknowledgment by investors, as I believe, that the sell is overdone? said Oliver Pursche, senior vice president at Wealthspire Advisors in New York.
“I wouldn’t be surprised if we see another week or two of declines, but you have to look beyond the indices and see the fundamentals of the market,” Pursche added. “And what we’ve seen today is some of the quality beat names are bouncing back really strongly.”
Over the past six trading days, the Labor Department released four economic reports – wage growth, CPI, PPI and import prices – which together suggested that inflation had peaked in March, a good news for market participants who feared the Fed would trigger a recession with a wave of interest rate hikes to fight inflation.
Fed Chairman Jerome Powell, confirmed by the US Senate for a second term on Thursday, reiterated the central bank’s determination to fight inflation, but said he believed the economy could avoid a severe slow-down.
Powell “was humble and serious at the same time,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Va. “He is committed to getting this inflation under control, although he admits it will be somewhat painful.”
The Dow Jones Industrial Average (.DJI) rose 466.36 points, or 1.47%, to 32,196.66, the S&P 500 (.SPX) gained 93.81 points, or 2.39%, to 4,023.89 and the Nasdaq Composite (.IXIC) added 434.04 points, or 3.82%, to 11,805.00.
All 11 major sectors of the S&P 500 ended the session in green, with consumer discretionary stocks (.SPLRCD) enjoying the largest percentage gain, up 4.1%.
The first quarter reporting season has reached its final stretch, with 458 S&P 500 companies reporting. Of these, 78% provided results above the consensus, according to Refinitiv.
For the first three months of the year, analysts now expect overall S&P 500 annual earnings growth of 11.1%, down from 6.4% at the end of the quarter, according to Refinitiv.
Shares of Twitter Inc fell 9.7% after Elon Musk tweeted that he had put the $44 billion cash buyout deal on hold, pending the social media company providing data on the fake accounts.
Tesla Inc (TSLA.O) jumped 5.7%.
Trading platform Robinhood Markets Inc (HOOD.O) jumped 24.9% after Samuel Bankman-Fried, chief executive and founder of cryptocurrency exchange FTX, disclosed a 7.6% stake in the brokerage app company.
Warren Buffett’s Berkshire Hathaway (BRKa.N) has revealed it has bought more shares of Occidental Petroleum (OXY.N), sending shares of the oil company up 8.2%.
Advancing issues outnumbered declining ones on the NYSE by a ratio of 3.73 to 1; on the Nasdaq, a ratio of 2.91 to 1 favored advancers.
The S&P 500 posted a new 52-week high and 30 new lows; the Nasdaq Composite recorded 10 new highs and 279 new lows.
Volume on U.S. exchanges was 13.32 billion shares, compared to an average of 13.17 billion over the past 20 trading days.
Source: Reuters (Reporting by Stephen Culp; Additional reporting by Devik Jain, Bansari Mayur Kamdar in Bengaluru; Editing by David Gregorio)
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