• Sat. Jan 28th, 2023

Wall Street closes session recovering from last week’s losses

BySharna Bass

Dec 13, 2022

The New York stock market closed today recovering from last week’s losses, although investors are awaiting new information on inflation, to be released on Tuesday, and another meeting of the Federal Reserve (Fed).

The session’s final results indicate that the Dow Jones Industrial Average selective index appreciated 1.58%, the Nasdaq technology index advanced 1.26% and the broader S&P500 advanced 1.43%.

After losses last week, the main stock market indices began the day moderately bullish, which strengthened as the session progressed, to end with clear advances.

As has been the case for months, inflation and the Fed’s decisions to respond to it continue to dominate the mood in the stock market, more so this week when important decisions are expected.

Tuesday will see the release of November inflation data, the same day the Fed begins a meeting of its monetary policy committee (FOMC).

At the end of the second and final day of the meeting, the Fed will release its decision on the benchmark interest rate and its economic forecasts, which may indicate its next decisions.

Analysts are expecting the Fed to announce a half percentage point (50 basis points) hike, after several more aggressive increases of 75 basis points.

A survey released today by the Fed’s New York bank showed that consumers see signs of moderation in rate hikes, which could give arguments to the Fed for starting to soften the money price hikes it has been making.

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