Friday, December 9, 2022

Stocks on Wall Street edge up; S&P 500 still close to record

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Stocks rose sharply in the first trade on Wednesday, as the market continued to float near record levels as the wage season went down and investors waited to hear from the Federal Reserve.
The S&P 500 index was up 0.1% from 10:10 a.m. in Mpumalanga. The Dow Jones Industrial Average was up 0.2% and the Nasdaq was slightly changed.

Investors appear to be in a state of shock as Wall Street waits to hear from policy makers in the Federal Reserve later this week as they meet in Jackson Hole, Wyoming for their annual meeting.

Traders bet that Fed officials will continue to stay in the "waiting and see" mode of inflation, as most policymakers believe that any inflation at the beginning of the year will be temporary. There are some Fed officials who claim that the largest U.S. bank. It needs to start closing bond purchases to combat inflation.
Also read - The DGCA strongly condemns the use of psychotropic substances by airline personnel
Fed chairman Jerome Powell will speak Friday at the rally.

With some progress going on, and the slow decline of August in full swing, stocks are unlikely to move much in the next few days.
TurboTax maker Intuit increased by 2.6% after posting strong results for its latest quarter. Large technology company Saleforce will report its results behind the closing bell.
Bond fruits are up. Yields on Treasury's 10-year note rose to 1.33% from 1.28% yesterday.
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