Stock Bulls in Charge as S&P 500 Extends July Gain: Markets Wrap
- Fed says US banks tightened credit further in wake of failures
- Yen drops as BOJ announces unscheduled debt-buying operations
This article is for subscribers only.
Stocks finished higher in the final day of July as the S&P 500 notched its longest streak of monthly gains since August 2021, defying worries about an overheated market.
Wall Street has looked past concerns about an earnings recession as economic data bolstered hopes on a soft landing despite the Federal Reserve’s rate hikes. Signs are beginning to point to capitulation among bearish institutional investors, economists and strategists as market returns continue to challenge expectations, said Mark Hackett at Nationwide.