Stock Rally Builds With Longest Weekly Run of 2022: Markets Wrap
- US consumer sentiment rises to three-month high on outlook
- BofA says cash racing to stocks, bonds as inflation fears ease
This article is for subscribers only.
Stocks finished the week on solid footing, with traders assessing whether an inflation slowdown could soon make the Federal Reserve reduce the pace of its most-aggressive tightening campaign in decades and prevent a hard landing.
Defying the crowd of skeptics who dubbed the rebound a bear-market rally or short-covering, the S&P 500 had a fourth straight week of gains, the longest such run since November. The gauge recouped more than 50% of the losses it notched between its January peak and June nadir, and approached its 200-day average -- a line crossed by the Russell 2000 of small caps. The Nasdaq 100 pushed further beyond its technical bull-market threshold, following a surge of over 20% from June lows.