Wall Street surged on Friday, notching its best day so far in 2022 after another zigzag session
All three major U.S. stock indexes began the day in the red, but turned increasingly green as the session progressed, with tech sharesThe S&P 500 and the Dow posted gains from last Friday's close, but the Nasdaq was essentially flat on the week, capping five days of topsy-turvy trading.Still, the bar for "best daily gains of the year" was rather low.
"Investors are trying to adjust to the impact of this higher rate cycle," said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey. "For some of them, stocks still remain more attractive than bonds in a rising rate environment, and they have been fishing around for where a bottom might be.
The graphic below shows how far core PCE and other major indicators have risen above the Fed's average annual 2% target.The Fed made it clear at the conclusion of its monetary policy meeting on Wednesday that they intend to take off their gloves and combat stubbornly persistent inflation by hiking key interest rates more aggressively than many market participants expected.
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