September 26, 2022

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Stocks rose on Friday, with the S&P 500 heading for a fourth straight week

Stocks rose on Friday, with the S&P 500 heading for a fourth straight week

Stocks rose on Friday, putting the S&P 500 on track for a fourth consecutive positive week on hopes that inflation will peak.

The Dow Jones Industrial Average added 202 points, or about 0.6%. The S&P 500 is up 0.9%, and the Nasdaq Composite is up 1.1%.

The S&P 500 is up 2.4% on the week and is on track for its longest streak of weekly gains since November 2021. The Dow is up 2.3% for the week, while the Nasdaq Composite is up 2.1%. As for the Nasdaq, it is also the fourth positive week in a row.

The averages were reinforced by positive news on the inflation front. The CPI was flat from June to July, thanks in large part to lower gas prices, which brought down headline inflation. The increase in product prices showed a sudden decrease. On Friday, import prices fell more than expected.

This week’s moves extended to The market is rising from its lows in mid-June. As of midday Friday, the S&P 500 is up 15.5% since its lows, while the Dow is up 12.2% and the Nasdaq Composite is up 21.4%.

The positive news boosted investor confidence, leading some to believe that the recent gains were more than a typical bear market rally.

“We’re not arguing that the market will make new highs this year (we’re more in the trading range camp), but we wouldn’t be surprised to see a rally to the highs as inflation abates and the Fed slows the pace of rate hikes,” said Michael Darda, chief economist and market strategist at MKM. Partners, in a note.

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