Wall Street's three main stock indexes closed higher for their biggest daily gains so far in December with help from upbeat Nike and FedEx quarterly earnings, as well as improving consumer confidence $NKE $FDX
were the biggest gainers among the S&P's 11 major industry sector, adding 1.89%, as oil futures rose.Traders work on the floor of the New York Stock Exchange in New York City, U.S., December 7, 2022. REUTERS/Brendan McDermidslumped 7.7% to a 2-1/2-year low in November as the housing market was hurt by higher mortgage rates. But the data may be fuelling investor hope that the Fed could ease up on its tightening policy.
"At the macro level you have economic weakness but at the micro level you have companies that are resilient and delivering positive expectations from an earnings perspective," said Brian Price, head of investment management for Commonwealth Financial Network in Waltham, Mass. "That combination is going to be positive."
Fears of a recession following the U.S. central bank's prolonged interest rate hikes have weighed heavily on equities and these fears have put the S&P on track for its biggest annual decline since 2008 and a decline for December. "There's still a lot of uncertainty and we're likely to see a lot of volatility early in the year as we could be in a mild recessionary environment," said Edward Jones' Kourkafas but he believes the market has already priced in a weaker economy.
"We still have some headwinds ahead but maybe we don't have to price in a recession twice. So far what we've seen this year has already priced in a mild recession."
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