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US stocks climb at the end of another bruising week

NEW YORK (AP) Stocks rose Friday morning on Wall Street, but are still heading for another week of declines after a massive pullback two days ago.

The S&P 500 rose 0.3% at 10:14 a.m. EST, but is still on track for its seventh consecutive weekly decline after nearly entering a bear market this week. The Dow Jones Industrial Average rose 48 points, or 0.2%, to 31,301 and the Nasdaq rose 0.3%.

All three are heading for declines of 2% or more for the week.

Health care and technology stocks made large gains. Pfizer rose 3.6% and Apple 1%. The technology sector was particularly choppy and caused many of the big swings in the market throughout the week.

Bond yields fell slightly. The 10-year Treasury yield fell to 2.83% from 2.85% on Thursday evening.

The stock market remains stuck in a slump amid concerns about how inflation is squeezing businesses and consumers. Investors are also concerned about the Federal Reserve’s plan to aggressively raise interest rates and wonder if it will help soften the impact of inflation or drag down growth too much and sink the economy. in a recession.

Inflation concerns escalated with Russia’s invasion of Ukraine, which pushed up prices for energy and some key food items. China, the world’s second-largest economy, has again been hit by lockdowns in key cities due to COVID-19 cases, but a surprise interest rate cut by the Chinese government has at least temporarily eased some anxiety.

Markets in Asia and Europe made solid gains.

Wall Street digested retail earnings this week. The sector is a key target as investors try to gauge the damage inflation is inflicting on business operations and whether rising prices for everything from food to clothing are prompting consumers to cut back on spending.

Retail giants Target and Walmart both received warnings this week that inflation would squeeze finances. Discount retailer Ross Stores plunged 22.2% on Friday after slashing its profit forecast and citing rising inflation as a factor.

Several retailers were rewarded for their encouraging results. Footwear maker Ugg Deckers Outdoor rose 18.6% and Foot Locker rose 5% after beating analysts’ profit forecasts.

Investors continue to watch the Fed for signs of further interest rate hikes to ease inflation, which is at its highest level in four decades. Fed Chairman Jerome Powell said this week that the US central bank may take more aggressive action if price pressures do not ease.

Sources

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2/ https://www.ctpost.com/news/article/Asian-stocks-rise-after-Wall-St-slips-closer-to-17186082.php

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