December 9, 2022

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The Dow rose more than 700 points on Friday as Wall Street wrapped up its best week since June

The Dow rose more than 700 points on Friday as Wall Street wrapped up its best week since June

Stocks rose on Friday as Wall Street ended a volatile week higher despite some disappointing earnings reports.

The Dow Jones Industrial Average rose 748.97 points, or 2.47%, to close at 31,082.56. The S&P 500 rose 2.37% to 3,752.75. The Nasdaq Composite rose 2.31% to 10,859.72.

Friday’s moves extended the market’s gains for the week. The S&P 500 and Dow rose 4.7% and 4.9%, respectively, while the Nasdaq rose 5.2%. It was the best week since June for all three major averages.

The progress came despite the 10-year Treasury yield rising to its highest level since 2008 and a mixed batch of corporate earnings reports.

“I think at the end of last week, the market had a little bit of a sell-off technically. And as we’ve seen many times in the past, when things get negative enough, it becomes kind of a contrarian indication for a rebound,” Randy said. Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research.

“But like any other bounce we’ve had, it hasn’t been well sustained. …The bounce today doesn’t necessarily mean it will continue into the next week. If it does, I think it won’t be more than a day or two.”

Bank stocks were a bright spot on Friday, with Goldman Sachs up 4.6% and JPMorgan Chase up 5.3%.

Earnings reports limited market gains. Component Dow Jones American Express and Verizon fell about 1.6% and 4.5%, respectively, after their quarterly reports. In technology, social media company Snap’s stock fell 28% after reporting quarterly revenue of $1.13 billion, missing expectations.

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Treasury yields fell from their highs Friday morning after a… A report from the Wall Street Journal Some Fed officials are concerned about raising interest rates too much. This report appears to be boosting stocks as well.

Big increases in interest rates by the central bank have been a major factor in plunging stocks into a bear market this year, and traders continue to raise their estimates of where the Fed will pause.

“We really need a pause from the Federal Reserve. Not so much that they will completely disavow a future rate hike, but they will just say every meeting is live, and if the data goes our way, then after the first half of ’23 we don’t,’” Barry Bannister said. D., chief equity strategist at Stifel on CNBC’s “Squawk on the Street,” says we have more to do.