Stocks rose on Friday as investors pored over the latest earnings report and tried to shrug off hawkish language from a Fed speaker.
The Dow Jones Industrial Average rose 162 points, or 0.5%. The S&P 500 rose 0.6 percent and the Nasdaq Composite gained 0.5 percent.
The S&P and Nasdaq fell for weeks, losing 0.5% and 1%, respectively. The Dow was flat for the week. However, all three are positive this month.
Ross Stores and Palo Alto Networks jumped after the companies reported their latest quarterly results. Investors also appeared to be cheering Gap’s recent results.
Friday’s moves came after Wall Street fell after comments from Fed officials raised concerns about tightening U.S. monetary policy.
British stone. St. Louis Fed President James Bullard said on Thursday that “the policy rate is not yet in an area where it might be considered restrictive enough.” pricing.
“We still think investors should pay more attention to the actual data and not pay too much attention to the Fed’s rhetoric (the former will show where inflation is going, while the latter will focus on where it is),” founder Adam Crisafulli said. important knowledge. “Having said that, investors are tired of battling the Fed’s daily tape bombs and are worried that officials may need 2-3 CPIs to stop admonishing the market every time they try to rally.”
In recent weeks, investors have reacted to every piece of new economic data or any language that might indicate the Fed’s next move on interest rates. Motley Fool Asset Management investment analyst Shelby McFaddin (Shelby McFaddin) said comments on inflation have investors believe the Fed thinks the economy is not cooling enough.
“There’s definitely a hunger and a tug of war for relief,” she said of investor reaction in recent days. “But at the end of the day, it really just depends on whether deflation is slower than it accelerates in this inflationary period, and what the Fed decides next.”